55,818 Shares in Cleveland-Cliffs Inc. $CLF Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, HoldingsChannel.com reports. The fund acquired 55,818 shares of the mining company’s stock, valued at approximately $524,000.

Several other large investors have also recently modified their holdings of CLF. Los Angeles Capital Management LLC purchased a new position in Cleveland-Cliffs in the fourth quarter worth $25,000. Center for Financial Planning Inc. lifted its holdings in shares of Cleveland-Cliffs by 119.0% during the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after purchasing an additional 1,805 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after purchasing an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth $30,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Cleveland-Cliffs by 94.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after buying an additional 1,214 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CLF. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.01 to $15.60 in a report on Friday, July 24th. JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Barclays lifted their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, July 24th. Morgan Stanley reissued an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, Bank of America reduced their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $11.96.

Insider Activity

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on 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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.61 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The company’s 50 day moving average is $10.89 and its 200 day moving average is $10.68. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company has a market cap of $6.62 billion, a PE ratio of -7.17 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.50) EPS. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Cleveland-Cliffs Company Profile

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.