101,432 Shares in Cleveland-Cliffs Inc. $CLF Purchased by Axim Planning & Wealth

Key Points

• Axim Planning & Wealth purchased 101,432 Cleveland-Cliffs shares during the second quarter, valued at approximately $952,000 and representing 1.3% of its portfolio.
• Institutional investors own 67.68% of Cleveland-Cliffs, while executive vice president Celso L. Goncalves Jr. sold 214,308 shares for roughly $2.87 million.
• Cleveland-Cliffs slightly beat quarterly EPS and revenue expectations, but analysts maintain a consensus “Hold” rating with an average price target of $11.96.

Axim Planning & Wealth acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 101,432 shares of the mining company's stock, valued at approximately $952,000. Cleveland-Cliffs comprises approximately 1.3% of Axim Planning & Wealth's portfolio, making the stock its 10th biggest holding.

Several other hedge funds have also modified their holdings of CLF. Los Angeles Capital Management LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at $25,000. Center for Financial Planning Inc. boosted its stake in Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock worth $28,000 after buying an additional 1,805 shares during the period. IFP Advisors Inc boosted its stake in Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock worth $29,000 after buying an additional 1,200 shares during the period. Johnson Financial Group Inc. bought a new position in Cleveland-Cliffs during the second quarter valued at $30,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock valued at $33,000 after acquiring an additional 1,214 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.95% of the company's stock.

Cleveland-Cliffs Trading Up 0.5%

NYSE CLF opened at $11.58 on Thursday. The stock has a market cap of $6.61 billion, a PE ratio of -7.15 and a beta of 2.09. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The company's 50-day moving average price is $10.91 and its 200-day moving average price is $10.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The company had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.50) EPS. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on CLF. Bank of America dropped their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Glj Research raised shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and increased their price objective for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Wells Fargo & Company raised their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research note on Monday. Barclays boosted their target price on Cleveland-Cliffs from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Friday, July 24th. Finally, Citigroup reaffirmed a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $11.96.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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