Envestnet Asset Management Inc. Reduces Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Envestnet Asset Management Inc. cut its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 42.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,889 shares of the mining company's stock after selling 55,856 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Cleveland-Cliffs were worth $713,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CLF. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth $25,000. Byrne Asset Management LLC boosted its stake in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after purchasing an additional 2,600 shares during the period. Stonebridge Financial Group LLC bought a new position in Cleveland-Cliffs in the 4th quarter worth about $44,000. Wilmington Savings Fund Society FSB purchased a new position in Cleveland-Cliffs during the 3rd quarter valued at about $64,000. Finally, AllSquare Wealth Management LLC increased its position in shares of Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after buying an additional 1,000 shares during the period. Institutional investors own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CLF shares. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Glj Research dropped their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, B. Riley restated a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued 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 "Moderate Buy" and a consensus target price of $15.49.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded down $1.44 during trading hours on Thursday, reaching $7.05. 20,028,461 shares of the stock traded hands, compared to its average volume of 14,506,069. The company has a market capitalization of $3.49 billion, a P/E ratio of -7.27 and a beta of 2.03. The company's 50-day simple moving average is $8.47 and its two-hundred day simple moving average is $10.24. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company's revenue was down 11.0% compared to the same quarter last year. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity

In related news, Director Jane M. Cronin acquired 10,000 shares of the stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Keith Koci bought 9,500 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 23,500 shares of company stock valued at $243,095. 1.71% of the stock is currently 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.