Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its stake in Cleveland-Cliffs Inc. by 27.2% during the first quarter, now holding 237,428 shares valued at approximately $1.95 million.
• The company reported earnings of ($0.50) EPS, exceeding analysts' expectations, with revenue of $4.93 billion for the quarter, a 7.5% year-over-year increase.
• Stock analysts have mixed ratings for Cleveland-Cliffs, with price targets ranging from $7.50 to $17.00, and an average rating of "Hold".

Cetera Investment Advisers boosted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 27.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 237,428 shares of the mining company's stock after acquiring an additional 50,716 shares during the period. Cetera Investment Advisers' holdings in Cleveland-Cliffs were worth $1,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Slate Path Capital LP increased its stake in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cleveland-Cliffs by 22.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after acquiring an additional 242,386 shares during the last quarter. Twelve Points Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 51.7% during the 1st quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock valued at $1,854,000 after acquiring an additional 76,827 shares during the last quarter. Wexford Capital LP increased its stake in shares of Cleveland-Cliffs by 1,212.0% during the 4th quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock valued at $9,578,000 after acquiring an additional 941,284 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can acquired a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $55,453,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 2.1%

NYSE CLF traded up $0.20 on Tuesday, reaching $9.92. The company had a trading volume of 16,231,205 shares, compared to its average volume of 25,520,971. The firm has a 50-day moving average of $8.81 and a 200-day moving average of $8.82. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The firm has a market capitalization of $4.91 billion, a PE ratio of -2.91 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The business's revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 EPS. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CLF. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research note on Tuesday, July 22nd. B. Riley reiterated 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. Citigroup boosted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Morgan Stanley boosted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $11.09.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction 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. This represents a 19.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.76% of the company's stock.

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.