Keynote Financial Services LLC Has $671,000 Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Keynote Financial Services LLC increased its stake in Cleveland-Cliffs Inc. by 83.4% during the first quarter, now holding shares worth $671,000.
• Several institutional investors, including Fifth Third Bancorp and Estabrook Capital Management, also significantly altered their positions in Cleveland-Cliffs, contributing to institutional investors owning 67.68% of the company's stock.
• Cleveland-Cliffs reported better-than-expected quarterly earnings, with a loss of ($0.50) per share that exceeded estimates, and revenue of $4.93 billion, marking a year-over-year increase of 7.5%.

Keynote Financial Services LLC grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 83.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,591 shares of the mining company's stock after buying an additional 37,099 shares during the quarter. Keynote Financial Services LLC's holdings in Cleveland-Cliffs were worth $671,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Cleveland-Cliffs in the first quarter valued at approximately $36,000. Estabrook Capital Management boosted its holdings in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares during the period. Byrne Asset Management LLC lifted its position in shares of Cleveland-Cliffs by 38.1% in 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 in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Cleveland-Cliffs by 243.2% in 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 in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company'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 sale, the executive vice president directly owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CLF shares. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Tuesday, July 22nd. The Goldman Sachs Group cut 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. Citigroup boosted their price objective 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. Morgan Stanley boosted their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, B. Riley reissued a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $11.09.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $9.36 on Thursday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The firm's fifty day moving average price is $8.62 and its two-hundred day moving average price is $8.84. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The firm has a market capitalization of $4.63 billion, a P/E ratio of -2.74 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the firm posted $0.11 earnings per share. The company's quarterly revenue was up 7.5% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS 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.

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