Cerity Partners LLC Increases Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Cerity Partners LLC increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 221.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 630,684 shares of the mining company's stock after purchasing an additional 434,434 shares during the quarter. Cerity Partners LLC owned approximately 0.13% of Cleveland-Cliffs worth $5,184,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CLF. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Estabrook Capital Management raised its holdings in Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the period. AllSquare Wealth Management LLC raised its holdings in Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after acquiring an additional 1,000 shares during the period. Fifth Third Bancorp raised its holdings in Cleveland-Cliffs by 36.6% during the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,664 shares during the period. Finally, Byrne Asset Management LLC raised its holdings in Cleveland-Cliffs by 38.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after acquiring an additional 1,753 shares during the period. Institutional investors own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president directly owned 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CLF. JPMorgan Chase & Co. reissued a "neutral" rating and set a $7.50 target price on shares of Cleveland-Cliffs in a report on Monday. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a report on Friday, June 20th. Finally, B. Riley reissued a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $9.78.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.26 during mid-day trading on Thursday, reaching $9.40. 23,396,706 shares of the stock traded hands, compared to its average volume of 19,689,963. The firm has a fifty day moving average price of $7.65 and a 200 day moving average price of $8.79. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -3.85 and a beta of 1.91. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 earnings per share. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Cleveland-Cliffs Company 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.