Signature Estate & Investment Advisors LLC Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Signature Estate & Investment Advisors LLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, HoldingsChannel reports. The fund bought 10,826 shares of the mining company’s stock, valued at approximately $102,000.

A number of other large investors have also modified their holdings of CLF. AllSquare Wealth Management LLC grew its holdings in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after acquiring an additional 1,000 shares during the period. MRP Capital Investments LLC boosted its position in shares of Cleveland-Cliffs by 10.0% during the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after purchasing an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after purchasing an additional 1,182 shares during the period. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Cleveland-Cliffs by 11.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock valued at $125,000 after purchasing an additional 1,313 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Cleveland-Cliffs by 9.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock valued at $168,000 after purchasing an additional 1,479 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

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

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.36 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $8.50 and a 1 year high of $22.97. The company’s 50 day simple moving average is $10.30 and its 200 day simple moving average is $11.23. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of -9.64 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last issued 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). The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.