Axim Planning & Wealth Reduces Holdings in Cleveland-Cliffs Inc. $CLF

Key Points

• Axim Planning & Wealth cut its Cleveland-Cliffs stake by 66.9% in the fourth quarter, selling 161,462 shares and leaving it with 79,877 shares worth about $1.06 million.
• Cleveland-Cliffs reported mixed quarterly results, posting a smaller-than-expected loss of $0.40 per share on revenue of $4.92 billion, which also topped analyst estimates and rose 6.3% year over year.
• Sentiment on the stock remains cautious: analysts’ consensus rating is “Reduce” with an average target price of $12.85, even as Wells Fargo recently raised its price target to $14 and an insider sold a large block of shares in June.

Axim Planning & Wealth decreased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 66.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 79,877 shares of the mining company's stock after selling 161,462 shares during the quarter. Cleveland-Cliffs accounts for about 1.1% of Axim Planning & Wealth's investment portfolio, making the stock its 4th biggest position. Axim Planning & Wealth's holdings in Cleveland-Cliffs were worth $1,061,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its holdings in shares of Cleveland-Cliffs by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company's stock worth $1,855,000 after purchasing an additional 943 shares during the period. Moors & Cabot Inc. increased its stake in Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company's stock valued at $404,000 after acquiring an additional 960 shares during the period. Whitcomb & Hess Inc. increased its stake in Cleveland-Cliffs by 3.8% in the fourth quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company's stock valued at $357,000 after acquiring an additional 973 shares during the period. Cidel Asset Management Inc. increased its stake in Cleveland-Cliffs by 6.0% in the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company's stock valued at $242,000 after acquiring an additional 1,037 shares during the period. Finally, IFP Advisors Inc increased its stake in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after acquiring an additional 1,200 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $13.80 on Friday. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of -5.90 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1-year low of $6.72 and a 1-year high of $16.70. The firm's 50-day moving average price is $10.95 and its two-hundred day moving average price is $11.58.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to analysts' expectations of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.92) earnings per share. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CLF shares. Wall Street Zen raised shares of Cleveland-Cliffs from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Argus raised shares of Cleveland-Cliffs to a "hold" rating in a research note on Monday, April 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. Wells Fargo & Company upped their target price on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. Finally, Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $12.85.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company's stock, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.95% of the company's stock.

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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