SFE Investment Counsel Sells 95,775 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• SFE Investment Counsel cut its Cleveland-Cliffs stake by 9.5% in the fourth quarter, selling 95,775 shares and leaving it with 907,330 shares worth about $12.0 million.
• Insider trading was mixed: Director Edilson Camara bought 19,700 shares, while COO Clifford T. Smith sold 200,000 shares in February.
• Cleveland-Cliffs beat quarterly expectations with EPS of -$0.40 versus the -$0.44 estimate and revenue of $4.92 billion, but analysts still see limited upside overall with an average rating of “Reduce.”

SFE Investment Counsel trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 9.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 907,330 shares of the mining company's stock after selling 95,775 shares during the period. Cleveland-Cliffs makes up 1.8% of SFE Investment Counsel's portfolio, making the stock its 15th biggest holding. SFE Investment Counsel owned approximately 0.18% of Cleveland-Cliffs worth $12,049,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Strengthening Families & Communities LLC boosted its holdings in Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after acquiring an additional 1,942 shares during the period. Larson Financial Group LLC boosted its holdings in Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company's stock valued at $33,000 after acquiring an additional 2,392 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in Cleveland-Cliffs by 72.6% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company's stock valued at $34,000 after acquiring an additional 1,164 shares during the period. Westfuller Advisors LLC bought a new stake in Cleveland-Cliffs during the third quarter valued at about $68,000. Finally, JPL Wealth Management LLC bought a new stake in Cleveland-Cliffs during the third quarter valued at about $72,000. 67.68% of the stock is currently owned by institutional investors.

Insider Activity

In other Cleveland-Cliffs news, Director Edilson Camara purchased 19,700 shares of the company's stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average price of $10.13 per share, with a total value of $199,561.00. Following the completion of the transaction, the director directly owned 41,983 shares of the company's stock, valued at approximately $425,287.79. This trade represents a 88.41% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Clifford T. Smith sold 200,000 shares of the firm's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the transaction, the chief operating officer owned 560,529 shares of the company's stock, valued at approximately $5,863,133.34. This represents a 26.30% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Up 1.7%

NYSE CLF opened at $10.97 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The firm has a 50-day simple moving average of $9.40 and a 200 day simple moving average of $11.44. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.70. The stock has a market cap of $6.26 billion, a PE ratio of -4.69 and a beta of 2.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business had revenue of $4.92 billion during the quarter, compared to analysts' expectations of $4.84 billion. During the same quarter last year, the company earned ($0.92) earnings per share. The firm's revenue was up 6.3% on a year-over-year basis. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CLF shares. Citigroup upped their price target on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Monday, February 9th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an "overweight" rating for the company in a report on Tuesday, April 21st. Argus upgraded shares of Cleveland-Cliffs to a "hold" rating in a research note on Monday, April 6th. Glj Research reiterated a "sell" rating and issued a $9.42 target price on shares of Cleveland-Cliffs in a research note on Monday, March 16th. Finally, KeyCorp began coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a "sector weight" rating for the company. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $11.77.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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