Pekin Hardy Strauss Inc. Sells 3,000 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Pekin Hardy Strauss Inc. lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 14.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,700 shares of the mining company’s stock after selling 3,000 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Cleveland-Cliffs were worth $361,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC increased its position in shares of Cleveland-Cliffs by 2.3% in the third quarter. Dorsey & Whitney Trust CO LLC now owns 27,337 shares of the mining company’s stock worth $427,000 after purchasing an additional 609 shares during the period. Allworth Financial LP lifted its holdings in shares of Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after acquiring an additional 619 shares during the period. Stratos Wealth Partners LTD. increased its stake in Cleveland-Cliffs by 0.7% in the third quarter. Stratos Wealth Partners LTD. now owns 103,397 shares of the mining company’s stock valued at $1,616,000 after acquiring an additional 674 shares during the last quarter. Fifth Third Bancorp raised its position in Cleveland-Cliffs by 14.9% during the third quarter. Fifth Third Bancorp now owns 5,513 shares of the mining company’s stock valued at $86,000 after purchasing an additional 716 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its stake in Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 1.2 %

Shares of Cleveland-Cliffs stock opened at $16.70 on Thursday. The firm has a market cap of $7.94 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 0.62 and a beta of 2.10. The stock’s 50-day moving average is $20.78 and its 200 day moving average is $19.08. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.11) EPS. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.56 EPS for the current year.

Cleveland-Cliffs declared that its board has initiated a stock repurchase plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

CLF has been the subject of several research analyst reports. Wolfe Research reissued an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday. StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Finally, B. Riley cut their price target on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.42.

Insider Activity

In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the sale, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cleveland-Cliffs news, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the sale, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 87,000 shares of company stock worth $1,470,640 and have sold 221,066 shares worth $4,464,688. Company insiders own 1.76% of the company’s stock.

About Cleveland-Cliffs

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.