Cleveland-Cliffs Inc. $CLF Shares Sold by International Assets Investment Management LLC

International Assets Investment Management LLC reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 31.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 141,176 shares of the mining company’s stock after selling 63,758 shares during the period. International Assets Investment Management LLC’s holdings in Cleveland-Cliffs were worth $1,875,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 4,315.6% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,942 shares during the last quarter. Larson Financial Group LLC increased its stake in Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after purchasing an additional 2,392 shares during the last quarter. Deseret Mutual Benefit Administrators increased its stake in Cleveland-Cliffs by 72.6% in the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,164 shares during the last quarter. Westfuller Advisors LLC purchased a new position in Cleveland-Cliffs in the third quarter valued at approximately $68,000. Finally, JPL Wealth Management LLC purchased a new position in Cleveland-Cliffs in the third quarter valued at approximately $72,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Edilson Camara bought 19,700 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were bought at an average cost of $10.13 per share, for a total transaction of $199,561.00. Following the transaction, the director owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. This trade represents a 88.41% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $12.42, for a total transaction of $37,260,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.95% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CLF shares. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. JPMorgan Chase & Co. dropped their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. KeyCorp started coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Monday, April 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $11.77.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $11.03 on Friday. The company’s 50 day simple moving average is $9.40 and its 200-day simple moving average is $11.52. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The firm has a market cap of $6.29 billion, a PE ratio of -4.71 and a beta of 2.00.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. Cleveland-Cliffs’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.92) EPS. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.46 EPS for the current year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.