Focused Wealth Management Inc Acquires New Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Focused Wealth Management Inc acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 26,000 shares of the mining company's stock, valued at approximately $214,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cleveland-Cliffs by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after purchasing an additional 647,282 shares in the last quarter. Slate Path Capital LP raised its holdings in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock worth $79,611,000 after purchasing an additional 264,078 shares during the period. Finally, Fairfax Financial Holdings Ltd. Can acquired a new stake 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.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the business's 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 sale, the executive vice president owned 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.76% of the company's stock.

Analyst Ratings Changes

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

Cleveland-Cliffs Stock Performance

Shares of CLF traded down $0.42 during mid-day trading on Tuesday, reaching $9.07. The company had a trading volume of 19,462,886 shares, compared to its average volume of 19,581,454. The stock has a market capitalization of $4.48 billion, a P/E ratio of -3.72 and a beta of 1.91. The stock has a 50 day moving average of $7.57 and a two-hundred day moving average of $8.78. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.47. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its 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). The company had revenue of $4.63 billion during 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 company's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.18 earnings per share. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.