O Shaughnessy Asset Management LLC Has $1.77 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

O Shaughnessy Asset Management LLC raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 143.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,716 shares of the mining company’s stock after acquiring an additional 45,748 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Cleveland-Cliffs were worth $1,767,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lindbrook Capital LLC lifted its holdings in Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after purchasing an additional 716 shares during the last quarter. Rise Advisors LLC raised its stake in shares of Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,429 shares during the last quarter. HighMark Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $35,000. Allworth Financial LP boosted its holdings in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after acquiring an additional 619 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its position in Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. lowered shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Jefferies Financial Group started coverage on Cleveland-Cliffs in a report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective on the stock. Seaport Res Ptn upgraded Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. Finally, Wolfe Research restated an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $19.44.

Insider Activity at Cleveland-Cliffs

In other news, CEO Lourenco Goncalves bought 60,000 shares of the stock in a transaction on 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 acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Lourenco Goncalves bought 60,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The shares were acquired at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 98,950 shares of company stock valued at $1,639,638. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Stock Up 0.2 %

NYSE:CLF opened at $14.97 on Thursday. The firm has a market capitalization of $7.12 billion, a P/E ratio of 20.19, a P/E/G ratio of 1.19 and a beta of 2.03. Cleveland-Cliffs Inc. has a 12-month low of $13.84 and a 12-month high of $22.97. The stock’s fifty day simple moving average is $15.85 and its 200-day simple moving average is $18.42. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.85%. The firm’s revenue was down 14.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. Equities research analysts expect that Cleveland-Cliffs Inc. will post 0.3 earnings per share for the current year.

Cleveland-Cliffs declared that its board has authorized a share buyback plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Cleveland-Cliffs 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.