International Assets Investment Management LLC Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

International Assets Investment Management LLC raised its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 72.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,699 shares of the mining company's stock after purchasing an additional 63,473 shares during the quarter. International Assets Investment Management LLC's holdings in Cleveland-Cliffs were worth $1,239,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D grew its position in Cleveland-Cliffs by 3.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 190,235 shares of the mining company's stock valued at $1,788,000 after acquiring an additional 7,168 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Cleveland-Cliffs by 2.6% during the 4th quarter. Principal Financial Group Inc. now owns 1,114,888 shares of the mining company's stock valued at $10,480,000 after buying an additional 28,184 shares in the last quarter. Atria Wealth Solutions Inc. bought a new position in Cleveland-Cliffs in the 4th quarter worth about $108,000. Bank of New York Mellon Corp increased its position in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after acquiring an additional 1,236,247 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Cleveland-Cliffs by 3.8% in the fourth quarter. Amalgamated Bank now owns 234,212 shares of the mining company's stock valued at $2,202,000 after purchasing an additional 8,596 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 5.6%

Shares of Cleveland-Cliffs stock traded up $0.40 during trading on Thursday, reaching $7.44. The company's stock had a trading volume of 34,110,086 shares, compared to its average volume of 18,534,968. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.47. The company has a 50-day simple moving average of $7.40 and a two-hundred day simple moving average of $8.94. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. The company has a market cap of $3.68 billion, a price-to-earnings ratio of -3.05 and a beta of 1.85.

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 for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. During the same period in the prior year, the firm posted $0.18 EPS. The firm's revenue for the quarter was down 11.0% on a year-over-year basis. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now owns 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.71% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CLF. The Goldman Sachs Group dropped 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 note 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 report on Wednesday, May 28th. B. Riley reissued a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Finally, Morgan Stanley upped their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday, June 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $11.53.

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.