Moors & Cabot Inc. Sells 4,940 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Moors & Cabot Inc. lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 14.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,878 shares of the mining company’s stock after selling 4,940 shares during the quarter. Moors & Cabot Inc.’s holdings in Cleveland-Cliffs were worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs in the third quarter valued at $34,000. Truvestments Capital LLC bought a new position in Cleveland-Cliffs in the third quarter valued at $34,000. Byrne Asset Management LLC grew its stake in shares of Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after buying an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $44,000. Institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director John T. Baldwin acquired 4,000 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 23,500 shares of company stock worth $243,095 over the last three months. Company insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $10.42 on Monday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 1-year low of $8.50 and a 1-year high of $22.97. The firm has a 50-day moving average of $10.40 and a 200-day moving average of $11.40. The firm has a market cap of $5.15 billion, a P/E ratio of -10.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.