Cleveland-Cliffs Inc. (NYSE:CLF) Holdings Lowered by Congress Wealth Management LLC DE

Congress Wealth Management LLC DE cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 65.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,890 shares of the mining company’s stock after selling 29,655 shares during the period. Congress Wealth Management LLC DE’s holdings in Cleveland-Cliffs were worth $149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Cleveland-Cliffs by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Cleveland-Cliffs by 19.3% in the third quarter. D.A. Davidson & CO. now owns 96,349 shares of the mining company’s stock valued at $1,230,000 after buying an additional 15,580 shares during the period. Rockefeller Capital Management L.P. bought a new position in Cleveland-Cliffs during the third quarter valued at about $22,122,000. Benjamin Edwards Inc. acquired a new position in Cleveland-Cliffs during the third quarter worth about $203,000. Finally, Concentric Capital Strategies LP raised its position in Cleveland-Cliffs by 3.0% in the third quarter. Concentric Capital Strategies LP now owns 149,684 shares of the mining company’s stock worth $1,911,000 after acquiring an additional 4,412 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Down 8.6 %

NYSE:CLF opened at $8.53 on Monday. The business’s fifty day moving average price is $10.26 and its 200 day moving average price is $11.21. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of -8.79 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 1-year low of $8.48 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its 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). The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, with a total value of $105,600.00. Following the purchase, the director now owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 23,500 shares of company stock worth $243,095 in the last quarter. 1.76% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CLF. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, Morgan Stanley cut their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.43.

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.