Golden State Wealth Management LLC Grows Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Golden State Wealth Management LLC boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 405.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 78,878 shares of the mining company's stock after buying an additional 63,285 shares during the period. Golden State Wealth Management LLC's holdings in Cleveland-Cliffs were worth $648,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Equity Partners purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth approximately $107,000. International Assets Investment Management LLC increased its stake in Cleveland-Cliffs by 72.8% in the first quarter. International Assets Investment Management LLC now owns 150,699 shares of the mining company's stock worth $1,239,000 after purchasing an additional 63,473 shares during the period. Oppenheimer & Co. Inc. increased its stake in Cleveland-Cliffs by 1.3% in the first quarter. Oppenheimer & Co. Inc. now owns 210,894 shares of the mining company's stock worth $1,734,000 after purchasing an additional 2,771 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Cleveland-Cliffs by 35.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 233,356 shares of the mining company's stock worth $1,918,000 after buying an additional 60,714 shares during the period. Finally, Crumly & Associates Inc. lifted its holdings in Cleveland-Cliffs by 10.1% during the 1st quarter. Crumly & Associates Inc. now owns 57,749 shares of the mining company's stock valued at $475,000 after buying an additional 5,313 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction 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 now directly owns 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.71% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the subject of several research analyst reports. Morgan Stanley lifted their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research note on Friday, June 20th. B. Riley reaffirmed a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $10.23.

Cleveland-Cliffs Trading Up 5.6%

Shares of NYSE:CLF opened at $7.44 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.47. The business's fifty day simple moving average is $7.40 and its 200-day simple moving average is $8.90. The company has a market capitalization of $3.68 billion, a PE ratio of -3.05 and a beta of 1.85. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same quarter last year, the firm earned $0.18 EPS. Cleveland-Cliffs's revenue for the quarter was down 11.0% on a year-over-year basis. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.

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