Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 14.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,793 shares of the mining company’s stock after selling 9,126 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $859,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in CLF. Wealth Enhancement Advisory Services LLC raised its position in shares of Cleveland-Cliffs by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after purchasing an additional 476 shares during the period. Hexagon Capital Partners LLC increased its stake in Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Cleveland-Cliffs by 0.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after buying an additional 612 shares during the period. Fifth Third Bancorp lifted its stake in Cleveland-Cliffs by 11.4% during the first quarter. Fifth Third Bancorp now owns 6,151 shares of the mining company’s stock valued at $140,000 after buying an additional 631 shares in the last quarter. Finally, InterOcean Capital Group LLC boosted its holdings in shares of Cleveland-Cliffs by 4.1% in the first quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock worth $462,000 after buying an additional 805 shares during the period. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CLF. Bank of America reduced their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. B. Riley reissued a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Finally, JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.94.

Cleveland-Cliffs Stock Down 1.3 %

CLF opened at $11.40 on Friday. The company has a market capitalization of $5.42 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 7.70 and a beta of 2.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a fifty-two week low of $11.02 and a fifty-two week high of $22.97. The business has a 50-day moving average of $14.16 and a 200-day moving average of $17.15.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. Equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.04 EPS for the current fiscal year.

Insider Activity

In other Cleveland-Cliffs news, Director Ben Oren acquired 6,700 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were bought at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Ben Oren acquired 6,700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the acquisition, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The disclosure for this purchase can be found here. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs 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.