MFG Wealth Management Inc. Invests $786,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

MFG Wealth Management Inc. bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 95,586 shares of the mining company's stock, valued at approximately $786,000.

Several other large investors also recently bought and sold shares of the business. Sequoia Financial Advisors LLC grew its position in Cleveland-Cliffs by 50.7% in the first quarter. Sequoia Financial Advisors LLC now owns 35,701 shares of the mining company's stock worth $293,000 after acquiring an additional 12,007 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Cleveland-Cliffs by 405.9% in the 1st quarter. Golden State Wealth Management LLC now owns 78,878 shares of the mining company's stock worth $648,000 after purchasing an additional 63,285 shares during the period. Golden State Equity Partners bought a new position in shares of Cleveland-Cliffs during the 1st quarter valued at approximately $107,000. International Assets Investment Management LLC increased its position in shares of Cleveland-Cliffs by 72.8% during the 1st quarter. International Assets Investment Management LLC now owns 150,699 shares of the mining company's stock valued at $1,239,000 after purchasing an additional 63,473 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Cleveland-Cliffs by 1.3% during the 1st quarter. Oppenheimer & Co. Inc. now owns 210,894 shares of the mining company's stock valued at $1,734,000 after buying an additional 2,771 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 5.6%

Shares of NYSE CLF traded up $0.40 during mid-day trading on Thursday, reaching $7.44. The company had a trading volume of 34,110,086 shares, compared to its average volume of 18,534,940. The business's 50-day moving average is $7.40 and its 200-day moving average is $8.94. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -3.05 and a beta of 1.85. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.47.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data 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). 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%. Cleveland-Cliffs's quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. Equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

CLF has been the subject of several recent analyst reports. B. Riley reaffirmed 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. The Goldman Sachs Group lowered their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Glj Research cut 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 note on Wednesday, May 28th. Finally, Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a report on Friday, June 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and an average price target of $11.53.

Insider Activity at Cleveland-Cliffs

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

Cleveland-Cliffs Company 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.