Prudential Financial Inc. reduced its position in shares of Cleveland-Cliffs Inc (NYSE:CLF) by 93.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,586 shares of the mining company’s stock after selling 496,676 shares during the quarter. Prudential Financial Inc.’s holdings in Cleveland-Cliffs were worth $258,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Cleveland-Cliffs by 14.8% during the third quarter. Vanguard Group Inc. now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after purchasing an additional 3,885,273 shares in the last quarter. Vanguard Group Inc raised its position in shares of Cleveland-Cliffs by 14.8% during the third quarter. Vanguard Group Inc now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after buying an additional 3,885,273 shares during the last quarter. Ruffer LLP raised its position in shares of Cleveland-Cliffs by 22.8% during the fourth quarter. Ruffer LLP now owns 19,706,280 shares of the mining company’s stock valued at $151,625,000 after buying an additional 3,665,288 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Cleveland-Cliffs by 27.2% during the fourth quarter. Fisher Asset Management LLC now owns 10,901,099 shares of the mining company’s stock valued at $83,829,000 after buying an additional 2,332,343 shares during the last quarter. Finally, Pelham Capital Ltd. increased its position in Cleveland-Cliffs by 64.9% in the fourth quarter. Pelham Capital Ltd. now owns 2,693,184 shares of the mining company’s stock worth $20,711,000 after purchasing an additional 1,060,000 shares during the last quarter. Institutional investors and hedge funds own 74.11% of the company’s stock.
In other news, Director Susan Miranda Green sold 12,700 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $10.06, for a total transaction of $127,762.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Koci purchased 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was acquired at an average price of $11.52 per share, for a total transaction of $103,680.00. Following the acquisition, the chief financial officer now owns 39,349 shares in the company, valued at approximately $453,300.48. The disclosure for this purchase can be found here. Corporate insiders own 1.32% of the company’s stock.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, February 8th. The mining company reported $0.55 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.02). The firm had revenue of $696.30 million during the quarter, compared to the consensus estimate of $721.52 million. Cleveland-Cliffs had a negative return on equity of 509.82% and a net margin of 47.17%. The business’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 earnings per share. On average, equities analysts predict that Cleveland-Cliffs Inc will post 1.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were issued a dividend of $0.05 per share. The ex-dividend date was Thursday, April 4th. This represents a $0.20 annualized dividend and a dividend yield of 2.13%. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 9.39%.
Several equities research analysts recently weighed in on CLF shares. JPMorgan Chase & Co. boosted their price target on shares of Cleveland-Cliffs to $17.00 and gave the stock an “overweight” rating in a research report on Monday, February 11th. Cowen restated a “market perform” rating and issued a $11.00 price target (up previously from $8.50) on shares of Cleveland-Cliffs in a research report on Thursday, February 7th. Zacks Investment Research cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. Morgan Stanley set a $12.00 price objective on shares of Cleveland-Cliffs and gave the company a “hold” rating in a research report on Tuesday, March 5th. Finally, Citigroup boosted their price objective on shares of Cleveland-Cliffs to $13.00 and gave the company a “buy” rating in a research report on Friday, February 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $12.16.
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Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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