NBC Securities Inc. Grows Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

NBC Securities Inc. raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 148,988.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,435 shares of the mining company's stock after buying an additional 92,373 shares during the period. NBC Securities Inc.'s holdings in Cleveland-Cliffs were worth $759,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Douglas Lane & Associates LLC lifted its position in Cleveland-Cliffs by 11.9% during the first quarter. Douglas Lane & Associates LLC now owns 2,546,195 shares of the mining company's stock valued at $20,930,000 after purchasing an additional 271,421 shares during the last quarter. Sterneck Capital Management LLC grew its position in shares of Cleveland-Cliffs by 93.0% in the 1st quarter. Sterneck Capital Management LLC now owns 36,508 shares of the mining company's stock worth $300,000 after buying an additional 17,596 shares during the last quarter. Rothschild Investment LLC boosted its stake in Cleveland-Cliffs by 11,811.2% in the 1st quarter. Rothschild Investment LLC now owns 120,899 shares of the mining company's stock worth $994,000 after purchasing an additional 119,884 shares in the last quarter. Parallel Advisors LLC lifted its stake in Cleveland-Cliffs by 75.3% during the 1st quarter. Parallel Advisors LLC now owns 11,217 shares of the mining company's stock valued at $92,000 after acquiring an additional 4,820 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Cleveland-Cliffs by 1,228.6% during the 1st quarter. GAMMA Investing LLC now owns 70,815 shares of the mining company's stock valued at $582,000 after acquiring an additional 65,485 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This trade represents a 3.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company's stock.

Cleveland-Cliffs Stock Down 5.9%

NYSE:CLF traded down $0.45 during mid-day trading on Thursday, hitting $7.10. The stock had a trading volume of 49,627,492 shares, compared to its average volume of 17,285,876. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.54. The stock has a 50-day simple moving average of $7.45 and a two-hundred day simple moving average of $9.43. The company has a market capitalization of $3.51 billion, a PE ratio of -7.31 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 analysts' consensus estimates of ($0.78) by ($0.14). The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 EPS. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a research report on Wednesday, May 28th. B. Riley reaffirmed a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $12.74.

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.