Van ECK Associates Corp Sells 79,348 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Van ECK Associates Corp lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 18.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 339,379 shares of the mining company's stock after selling 79,348 shares during the quarter. Van ECK Associates Corp owned 0.07% of Cleveland-Cliffs worth $6,930,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Anchor Investment Management LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $31,000. Lindbrook Capital LLC grew its holdings in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company's stock worth $32,000 after purchasing an additional 716 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $35,000. Exchange Traded Concepts LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at $29,000. Finally, Allworth Financial LP raised its holdings in shares of Cleveland-Cliffs by 50.3% in the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company's stock valued at $38,000 after buying an additional 619 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 1.9 %

NYSE CLF traded up $0.32 during trading on Friday, reaching $17.60. 6,880,940 shares of the stock traded hands, compared to its average volume of 10,055,402. The stock's 50-day moving average price is $20.61 and its 200 day moving average price is $19.09. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 0.82 and a beta of 2.10. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97.

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

Cleveland-Cliffs declared that its Board of Directors has authorized a stock repurchase program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now owns 534,617 shares of the company's stock, valued at $10,793,917.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the transaction, the executive vice president now owns 534,617 shares in the company, valued at approximately $10,793,917.23. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lourenco Goncalves purchased 60,000 shares of the business's stock in a transaction dated Wednesday, May 1st. The stock was purchased at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares of the company's stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 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 currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Citigroup lowered shares of Cleveland-Cliffs from a "buy" rating to a "neutral" rating and set a $22.00 price objective on the stock. in a report on Wednesday, March 13th. B. Riley reduced their price objective on Cleveland-Cliffs from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Tuesday. JPMorgan Chase & Co. lowered their target price on Cleveland-Cliffs from $24.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, April 24th. Wolfe Research reaffirmed an "underperform" rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, Morgan Stanley lowered their price objective on Cleveland-Cliffs from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average 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.