ERTS Wealth Advisors LLC Buys New Holdings in Cleveland-Cliffs Inc (CLF)
ERTS Wealth Advisors LLC bought a new position in Cleveland-Cliffs Inc (NYSE:CLF) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 13,905 shares of the mining company’s stock, valued at approximately $107,000.
Other institutional investors have also recently modified their holdings of the company. Rhumbline Advisers grew its stake in shares of Cleveland-Cliffs by 40.5% in the fourth quarter. Rhumbline Advisers now owns 438,529 shares of the mining company’s stock worth $3,372,000 after acquiring an additional 126,374 shares during the period. Alpha Windward LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $372,000. MetLife Investment Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the third quarter worth approximately $2,636,000. Panagora Asset Management Inc. grew its stake in shares of Cleveland-Cliffs by 346.0% in the third quarter. Panagora Asset Management Inc. now owns 16,501 shares of the mining company’s stock worth $209,000 after acquiring an additional 12,801 shares during the period. Finally, D.A. Davidson & CO. grew its stake in shares of Cleveland-Cliffs by 26.6% in the fourth quarter. D.A. Davidson & CO. now owns 32,959 shares of the mining company’s stock worth $253,000 after acquiring an additional 6,925 shares during the period. 72.88% of the stock is owned by institutional investors and hedge funds.
NYSE:CLF traded down $0.06 during trading hours on Thursday, hitting $10.08. 982,558 shares of the stock traded hands, compared to its average volume of 9,548,114. The company has a debt-to-equity ratio of 4.93, a current ratio of 3.16 and a quick ratio of 2.77. Cleveland-Cliffs Inc has a 1 year low of $6.40 and a 1 year high of $13.10. The company has a market capitalization of $2.95 billion, a P/E ratio of 4.73 and a beta of 1.84.
Cleveland-Cliffs declared that its board has authorized a share buyback plan on Monday, November 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the mining company to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, April 4th. Cleveland-Cliffs’s dividend payout ratio is currently 9.39%.
In related news, CFO Keith Koci bought 3,200 shares of the stock in a transaction dated Friday, February 15th. The shares were purchased at an average price of $11.23 per share, with a total value of $35,936.00. Following the completion of the acquisition, the chief financial officer now owns 3,700 shares of the company’s stock, valued at $41,551. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Susan Miranda Green sold 12,700 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total transaction of $127,762.00. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.
CLF has been the subject of several recent research reports. Citigroup cut their target price on shares of Cleveland-Cliffs from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, December 3rd. JPMorgan Chase & Co. boosted their target price on shares of Cleveland-Cliffs to $17.00 and gave the company an “overweight” rating in a research report on Monday, February 11th. Cowen restated a “market perform” rating and set a $11.00 target price (up from $8.50) on shares of Cleveland-Cliffs in a research report on Thursday, February 7th. Zacks Investment Research lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Finally, Morgan Stanley set a $12.00 target price on shares of Cleveland-Cliffs and gave the company a “hold” rating in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $12.06.
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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