Oppenheimer & Co. Inc. Lowers Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Oppenheimer & Co. Inc. decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 30.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,123 shares of the mining company’s stock after selling 90,981 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Cleveland-Cliffs were worth $1,956,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CLF. Strengthening Families & Communities LLC lifted its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth $34,000. Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after buying an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in Cleveland-Cliffs in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective on the stock. Glj Research dropped their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Morgan Stanley dropped their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.54.

Insiders Place Their Bets

In related news, EVP Keith Koci purchased 9,500 shares of the company’s stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by company insiders.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $10.09 on Tuesday. The business has a 50 day moving average price of $10.34 and a 200 day moving average price of $11.63. The company has a market capitalization of $4.99 billion, a P/E ratio of -10.40 and a beta of 1.96. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.