Cwm LLC Acquires 40,774 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

CWM LLC increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 316.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,671 shares of the mining company's stock after buying an additional 40,774 shares during the period. CWM LLC's holdings in Cleveland-Cliffs were worth $441,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CLF. Pinpoint Asset Management Ltd bought a new position in Cleveland-Cliffs during the fourth quarter worth about $25,000. Estabrook Capital Management boosted its position in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after purchasing an additional 2,700 shares during the period. Fifth Third Bancorp boosted its position in Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after purchasing an additional 1,664 shares during the period. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after purchasing an additional 1,753 shares during the period. Finally, UMB Bank n.a. boosted its position in Cleveland-Cliffs by 243.2% during the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after purchasing an additional 5,579 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

CLF traded down $0.20 on Monday, reaching $11.24. The company had a trading volume of 32,467,582 shares, compared to its average volume of 30,370,708. The business has a 50 day simple moving average of $8.14 and a 200 day simple moving average of $8.83. The company has a market cap of $5.56 billion, a price-to-earnings ratio of -3.30 and a beta of 1.91. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. 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 announced its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.11 earnings per share. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president directly owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.76% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CLF has been the subject of a number of research reports. Citigroup increased their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a research report on Wednesday, May 28th. Finally, Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and an average target price of $11.09.

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.