Fisher Asset Management LLC Sells 1,246,573 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Fisher Asset Management LLC decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 16.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,496,879 shares of the mining company's stock after selling 1,246,573 shares during the quarter. Fisher Asset Management LLC owned approximately 1.29% of Cleveland-Cliffs worth $132,666,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Great Valley Advisor Group Inc. acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $357,000. Sage Rhino Capital LLC raised its holdings in Cleveland-Cliffs by 9.2% during the fourth quarter. Sage Rhino Capital LLC now owns 14,266 shares of the mining company's stock worth $291,000 after purchasing an additional 1,202 shares during the last quarter. Kestra Private Wealth Services LLC boosted its position in Cleveland-Cliffs by 1.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 140,181 shares of the mining company's stock worth $2,862,000 after purchasing an additional 2,472 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Cleveland-Cliffs by 45.8% in the fourth quarter. Russell Investments Group Ltd. now owns 215,644 shares of the mining company's stock valued at $4,407,000 after purchasing an additional 67,697 shares during the last quarter. Finally, RWA Wealth Partners LLC increased its position in shares of Cleveland-Cliffs by 1.4% in the fourth quarter. RWA Wealth Partners LLC now owns 105,150 shares of the mining company's stock valued at $2,147,000 after buying an additional 1,450 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

CLF stock traded up $0.32 during trading on Friday, hitting $17.60. The company had a trading volume of 6,869,677 shares, compared to its average volume of 8,949,766. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of 23.78, a P/E/G ratio of 0.79 and a beta of 2.10. The business has a 50 day moving average of $20.67 and a 200 day moving average of $19.05. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same period in the previous year, the firm earned ($0.11) EPS. Cleveland-Cliffs's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current year.

Cleveland-Cliffs declared that its Board of Directors has approved a share buyback plan on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom bought 25,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were bought at an average price of $17.00 per share, with a total value of $425,000.00. Following the purchase, the director now directly owns 59,900 shares in the company, valued at approximately $1,018,300. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Ron A. Bloom acquired 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $17.00 per share, with a total value of $425,000.00. Following the completion of the transaction, the director now owns 59,900 shares in the company, valued at $1,018,300. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Arlene M. Yocum purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average cost of $20.02 per share, with a total value of $40,040.00. Following the purchase, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 87,000 shares of company stock valued at $1,470,640 and have sold 221,066 shares valued at $4,464,688. 1.76% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CLF shares. Argus downgraded shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a report on Thursday, February 8th. StockNews.com downgraded shares of Cleveland-Cliffs from a "buy" rating to a "hold" rating in a research note on Friday, April 26th. B. Riley cut their price objective on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Tuesday. Citigroup downgraded Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price target for the company. in a report on Wednesday, March 13th. Finally, BNP Paribas cut shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $16.50 target price on the stock. in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and a consensus target price of $20.42.

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.