Pinnacle Wealth Planning Services Inc. Makes New $407,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Pinnacle Wealth Planning Services Inc. purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 43,342 shares of the mining company’s stock, valued at approximately $407,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its stake in shares of Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares in the last quarter. Barclays PLC grew its holdings in shares of Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after purchasing an additional 2,176,837 shares during the period. Stonegate Investment Group LLC purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter worth about $18,999,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $22,122,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CLF. Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Morgan Stanley decreased their target price 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 research report on Tuesday, February 4th. Finally, The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $10.06 on Friday. The business’s 50 day moving average is $10.36 and its two-hundred day moving average is $11.58. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The firm has a market cap of $4.97 billion, a price-to-earnings ratio of -10.37 and a beta of 1.96. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The business 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%. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other news, Director Jane M. Cronin purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. The trade was a 68.86 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Keith Koci acquired 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

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.