Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Oppenheimer & Co. Inc.

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

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

Analysts Set New Price Targets

CLF has been the topic of a number of research analyst reports. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price on the stock. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Citigroup cut their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, Glj Research lowered their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus price target of $16.54.

Cleveland-Cliffs Stock Down 6.9 %

Shares of NYSE:CLF opened at $10.09 on Tuesday. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The firm’s 50 day moving average price is $10.34 and its 200 day moving average price is $11.63. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of -10.40 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data 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 firm 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%. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs 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 completion of the transaction, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of the firm’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 purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.76% of the stock is owned by insiders.

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.