Douglas Lane & Associates LLC Buys 271,421 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Douglas Lane & Associates LLC lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 11.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,546,195 shares of the mining company's stock after purchasing an additional 271,421 shares during the period. Douglas Lane & Associates LLC owned about 0.51% of Cleveland-Cliffs worth $20,930,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CLF. Summit Investment Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 1.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock worth $911,000 after acquiring an additional 932 shares during the last quarter. AllSquare Wealth Management LLC lifted its position in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after purchasing an additional 1,000 shares in the last quarter. MRP Capital Investments LLC grew its holdings in Cleveland-Cliffs by 10.0% during the fourth quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company's stock valued at $103,000 after purchasing an additional 1,000 shares during the period. Jones Financial Companies Lllp increased its position in Cleveland-Cliffs by 21.3% in the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company's stock worth $63,000 after buying an additional 1,182 shares in the last quarter. Finally, Ancora Advisors LLC raised its stake in shares of Cleveland-Cliffs by 5.4% in the fourth quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock worth $267,000 after buying an additional 1,450 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

In other news, Director John T. Baldwin acquired 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The shares were acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 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 disclosure for this sale can be found here. Insiders own 1.71% of the company's stock.

Cleveland-Cliffs Price Performance

CLF traded down $0.30 during trading on Thursday, reaching $7.24. 33,509,031 shares of the company traded hands, compared to its average volume of 23,547,891. The company has a market cap of $3.58 billion, a P/E ratio of -7.46 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.47. The firm has a fifty day simple moving average of $7.45 and a 200 day simple moving average of $9.43.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The business's revenue was down 11.0% on a year-over-year basis. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on CLF. B. Riley reiterated a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and an average target price of $12.74.

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.