Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 23,694 shares of the mining company’s stock after selling 1,928 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Cleveland-Cliffs were worth $223,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Darwin Wealth Management LLC acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth $34,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth $34,000. Byrne Asset Management LLC raised its stake in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $44,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Cleveland-Cliffs during the 3rd quarter worth $64,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Jane M. Cronin acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased 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 owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 23,500 shares of company stock valued at $243,095. Corporate insiders own 1.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CLF. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Morgan Stanley dropped their price objective on shares of 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. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Glj Research dropped their price objective on shares of 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, The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.43.

Cleveland-Cliffs Trading Down 0.2 %

Shares of Cleveland-Cliffs stock opened at $9.54 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $8.50 and a 52-week high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company’s 50-day simple moving average is $10.39 and its 200-day simple moving average is $11.32. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of -9.84 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share 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.