MidWestOne Financial Group Inc. Trims Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

MidWestOne Financial Group Inc. reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 40.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,571 shares of the mining company's stock after selling 52,098 shares during the period. MidWestOne Financial Group Inc.'s holdings in Cleveland-Cliffs were worth $710,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in CLF. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at about $25,000. Estabrook Capital Management grew its holdings in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after purchasing an additional 2,700 shares during the period. Byrne Asset Management LLC increased its stake in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after purchasing an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs in the fourth quarter worth $44,000. Finally, AllSquare Wealth Management LLC grew its holdings in shares of Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after buying an additional 1,000 shares during the period. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Down 2.2%

Shares of NYSE CLF traded down $0.15 during trading hours on Tuesday, hitting $6.34. The company had a trading volume of 29,362,588 shares, compared to its average volume of 15,637,284. Cleveland-Cliffs Inc. has a 1-year low of $6.05 and a 1-year high of $17.41. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm's 50 day moving average is $7.81 and its 200-day moving average is $9.65. The stock has a market capitalization of $3.13 billion, a P/E ratio of -6.50 and a beta of 2.03.

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 for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The firm's revenue for the quarter was down 11.0% on a year-over-year basis. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CLF shares. B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. 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. Finally, Glj Research decreased their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $14.02.

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This trade represents a 68.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock worth $243,095 in the last ninety days. 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.