Barnett & Company Inc. Decreases Holdings in Cleveland-Cliffs Inc (CLF)
Barnett & Company Inc. reduced its position in shares of Cleveland-Cliffs Inc (NYSE:CLF) by 18.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,386 shares of the mining company’s stock after selling 2,803 shares during the quarter. Barnett & Company Inc.’s holdings in Cleveland-Cliffs were worth $95,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Flagship Harbor Advisors LLC boosted its stake in shares of Cleveland-Cliffs by 1,266.7% during the 4th quarter. Flagship Harbor Advisors LLC now owns 4,100 shares of the mining company’s stock worth $31,000 after acquiring an additional 3,800 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $50,000. Quantamental Technologies LLC bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $52,000. Bessemer Group Inc. bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $65,000. Finally, CWM Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $91,000. 74.20% of the stock is owned by hedge funds and other institutional investors.
CLF opened at $9.37 on Tuesday. The firm has a market capitalization of $2.70 billion, a PE ratio of 4.97 and a beta of 1.84. Cleveland-Cliffs Inc has a 12-month low of $6.50 and a 12-month high of $13.10. The company has a quick ratio of 2.77, a current ratio of 3.16 and a debt-to-equity ratio of 4.93.
Cleveland-Cliffs announced that its Board of Directors has initiated a stock buyback program on Monday, November 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the mining company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.13%. Cleveland-Cliffs’s payout ratio is currently 9.39%.
In other news, CFO Keith Koci acquired 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was acquired at an average cost of $11.52 per share, for a total transaction of $103,680.00. Following the completion of the acquisition, the chief financial officer now owns 39,349 shares in the company, valued at $453,300.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan Miranda Green sold 12,700 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total value of $127,762.00. The disclosure for this sale can be found here. 1.32% of the stock is owned by corporate insiders.
Several equities research analysts have recently weighed in on CLF shares. TheStreet raised Cleveland-Cliffs from a “c+” rating to a “b” rating in a research note on Wednesday, February 20th. Jefferies Financial Group raised their price objective on Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a “buy” rating in a research note on Friday, February 8th. Citigroup raised their price objective on Cleveland-Cliffs to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 8th. B. Riley set a $14.00 price objective on Cleveland-Cliffs and gave the stock a “buy” rating in a research note on Thursday, December 13th. Finally, Morgan Stanley set a $12.00 price objective on Cleveland-Cliffs and gave the stock a “hold” rating in a research note on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $12.43.
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Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
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