SFE Investment Counsel raised its stake in Cleveland-Cliffs Inc (NYSE:CLF) by 48.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 631,052 shares of the mining company’s stock after purchasing an additional 206,754 shares during the period. Cleveland-Cliffs accounts for approximately 2.9% of SFE Investment Counsel’s holdings, making the stock its 7th biggest holding. SFE Investment Counsel owned 0.23% of Cleveland-Cliffs worth $6,733,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Traynor Capital Management Inc. lifted its stake in shares of Cleveland-Cliffs by 135.6% in the 2nd quarter. Traynor Capital Management Inc. now owns 30,240 shares of the mining company’s stock worth $327,000 after acquiring an additional 17,405 shares during the period. Virginia Retirement Systems ET AL lifted its stake in shares of Cleveland-Cliffs by 4.1% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 118,200 shares of the mining company’s stock worth $1,261,000 after acquiring an additional 4,700 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth approximately $110,000. Quantitative Systematic Strategies LLC lifted its stake in shares of Cleveland-Cliffs by 155.6% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 36,480 shares of the mining company’s stock worth $389,000 after acquiring an additional 22,209 shares during the period. Finally, James Investment Research Inc. raised its holdings in shares of Cleveland-Cliffs by 1.5% in the 2nd quarter. James Investment Research Inc. now owns 466,362 shares of the mining company’s stock worth $4,977,000 after purchasing an additional 7,023 shares in the last quarter. 84.33% of the stock is owned by institutional investors.
In other news, Chairman Lourenco Goncalves purchased 10,000 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were acquired at an average price of $9.36 per share, for a total transaction of $93,600.00. Following the completion of the acquisition, the chairman now directly owns 3,237,735 shares of the company’s stock, valued at $30,305,199.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert P. Fisher, Jr. purchased 3,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were purchased at an average price of $8.92 per share, for a total transaction of $26,760.00. Following the acquisition, the director now directly owns 113,398 shares of the company’s stock, valued at $1,011,510.16. The disclosure for this purchase can be found here. Insiders have bought 23,000 shares of company stock worth $217,110 in the last 90 days. 1.32% of the stock is owned by company insiders.
Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Friday, July 19th. The mining company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. Cleveland-Cliffs had a net margin of 50.72% and a return on equity of 238.16%. The business had revenue of $697.40 million for the quarter, compared to the consensus estimate of $624.23 million. During the same period in the previous year, the firm earned $0.55 EPS. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc will post 1.77 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, July 5th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.86%. This is a positive change from Cleveland-Cliffs’s previous quarterly dividend of $0.05. Cleveland-Cliffs’s payout ratio is currently 11.27%.
A number of research firms recently commented on CLF. Jefferies Financial Group set a $14.00 target price on shares of Cleveland-Cliffs and gave the stock a “buy” rating in a report on Tuesday, April 23rd. B. Riley boosted their target price on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Credit Suisse Group upgraded shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $13.00 to $14.00 in a report on Friday, April 26th. Finally, ValuEngine downgraded shares of Cleveland-Cliffs from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $12.44.
Cleveland-Cliffs Company Profile
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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