Wedbush Securities Inc. Sells 7,325 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Wedbush Securities Inc. cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 37.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,327 shares of the mining company’s stock after selling 7,325 shares during the period. Wedbush Securities Inc.’s holdings in Cleveland-Cliffs were worth $116,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. JB Capital Partners LP acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $107,000. Pinpoint Asset Management Ltd acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $25,000. Geode Capital Management LLC raised its position in shares of Cleveland-Cliffs by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after buying an additional 264,078 shares during the last quarter. Franklin Resources Inc. raised its holdings in Cleveland-Cliffs by 57.8% in the 4th quarter. Franklin Resources Inc. now owns 414,692 shares of the mining company’s stock valued at $3,898,000 after acquiring an additional 151,921 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in shares of Cleveland-Cliffs by 12.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 100,553 shares of the mining company’s stock worth $945,000 after acquiring an additional 10,773 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group dropped their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and a consensus price target of $16.24.

Cleveland-Cliffs Stock Up 0.9 %

Shares of NYSE:CLF opened at $7.35 on Friday. 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 firm has a market cap of $3.63 billion, a P/E ratio of -7.57 and a beta of 1.93. The company’s 50-day moving average price is $9.65 and its two-hundred day moving average price is $10.86. Cleveland-Cliffs Inc. has a 12 month low of $6.17 and a 12 month high of $22.24.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for 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, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci bought 9,500 shares of the stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 23,500 shares of company stock worth $243,095. 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.