First National Bank of Omaha Takes Position in Cleveland-Cliffs Inc. $CLF

First National Bank of Omaha acquired a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 791,126 shares of the mining company’s stock, valued at approximately $7,423,000. First National Bank of Omaha owned about 0.14% of Cleveland-Cliffs as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CLF. Focus Partners Wealth acquired a new position in Cleveland-Cliffs in the first quarter valued at approximately $339,000. Prudential Financial Inc. raised its position in shares of Cleveland-Cliffs by 27.4% during the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock worth $380,000 after purchasing an additional 10,733 shares during the period. Russell Investments Group Ltd. raised its position in shares of Cleveland-Cliffs by 4.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after purchasing an additional 6,073 shares during the period. CW Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 47.4% in the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after purchasing an additional 7,127 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Cleveland-Cliffs by 20.3% in the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock worth $23,417,000 after purchasing an additional 520,120 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.95% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their price objective for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. JPMorgan Chase & Co. lowered their price target on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, July 15th. Finally, Bank of America dropped their price objective on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $11.86.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.89 on Wednesday. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of -7.34 and a beta of 2.09. The business has a 50 day simple moving average of $11.15 and a 200 day simple moving average of $10.81.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same quarter in the previous year, the business earned ($0.50) EPS. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 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.