SeaCrest Wealth Management LLC Sells 1,550 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

SeaCrest Wealth Management LLC lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,215 shares of the mining company’s stock after selling 1,550 shares during the period. SeaCrest Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $983,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CLF. Norges Bank bought a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $117,585,000. Peconic Partners LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $42,370,000. AQR Capital Management LLC increased its position in shares of Cleveland-Cliffs by 154.2% during the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after acquiring an additional 1,568,961 shares in the last quarter. Ninety One UK Ltd bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $27,928,000. Finally, International Assets Investment Management LLC increased its position in shares of Cleveland-Cliffs by 1,627.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock worth $29,237,000 after acquiring an additional 1,348,893 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Insider Activity

In related news, CEO Lourenco Goncalves acquired 60,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were bought at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the transaction, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cleveland-Cliffs news, CEO Lourenco Goncalves purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were acquired at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the transaction, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the completion of the acquisition, the director now owns 14,167 shares in the company, valued at $212,363.33. The disclosure for this purchase can be found here. Insiders have purchased 98,950 shares of company stock valued at $1,639,638 over the last ninety days. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $15.64 on Wednesday. The stock has a market cap of $7.43 billion, a P/E ratio of 21.13, a P/E/G ratio of 0.78 and a beta of 2.03. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The company has a fifty day moving average price of $16.47 and a two-hundred day moving average price of $18.94. Cleveland-Cliffs Inc. has a one year low of $13.84 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) EPS. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post 0.44 EPS for the current year.

Cleveland-Cliffs announced that its board has authorized a share repurchase plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the mining company to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CLF shares. Jefferies Financial Group started coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective for the company. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. B. Riley restated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a report on Wednesday, March 13th. Finally, Bank of America reduced their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $19.44.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.