KLP Kapitalforvaltning AS Trims Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Cleveland-Cliffs Inc. by 7.9%, owning approximately 0.06% of the company after selling 27,300 shares in the first quarter.
• Several analysts have adjusted their price targets for Cleveland-Cliffs, with JPMorgan raising it to $10.00 and Goldman Sachs lowering it to $11.25.
• Insider Trump James D. Graham sold 120,000 shares at an average price of $6.85, representing a 19.60% decrease in his ownership.

KLP Kapitalforvaltning AS cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 7.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 319,787 shares of the mining company's stock after selling 27,300 shares during the period. KLP Kapitalforvaltning AS owned 0.06% of Cleveland-Cliffs worth $2,639,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CLF. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Cleveland-Cliffs during the 1st quarter worth about $1,074,000. Allianz Asset Management GmbH boosted its stake in shares of Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after acquiring an additional 2,232,799 shares in the last quarter. 4WEALTH Advisors Inc. purchased a new position in Cleveland-Cliffs during the first quarter worth approximately $404,000. South Dakota Investment Council boosted its position in Cleveland-Cliffs by 1,318.6% during the first quarter. South Dakota Investment Council now owns 964,668 shares of the mining company's stock worth $7,930,000 after purchasing an additional 896,666 shares in the last quarter. Finally, Carnegie Lake Advisors LLC purchased a new position in Cleveland-Cliffs during the first quarter worth approximately $104,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs 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 transaction, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

CLF stock traded down $0.79 during midday trading on Tuesday, reaching $10.48. The stock had a trading volume of 8,478,594 shares, compared to its average volume of 25,883,879. The company's fifty day simple moving average is $8.14 and its 200 day simple moving average is $8.83. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The company has a market cap of $5.18 billion, a price-to-earnings ratio of -3.07 and a beta of 1.91. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $15.71.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period last year, the firm posted $0.11 earnings per share. The company's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of recent analyst reports. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. 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 research report on Wednesday, April 23rd. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Finally, Citigroup raised their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $11.09.

About Cleveland-Cliffs

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.