Ibex Investors LLC bought a new stake in shares of Cleveland-Cliffs Inc (NYSE:CLF) during the third quarter, Holdings Channel reports. The institutional investor bought 16,738 shares of the mining company’s stock, valued at approximately $212,000.

Other institutional investors also recently added to or reduced their stakes in the company. ARS Investment Partners LLC increased its stake in Cleveland-Cliffs by 77.3% during the 3rd quarter. ARS Investment Partners LLC now owns 39,000 shares of the mining company’s stock valued at $494,000 after purchasing an additional 17,000 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $618,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $970,000. United Services Automobile Association increased its stake in Cleveland-Cliffs by 33.6% during the 3rd quarter. United Services Automobile Association now owns 396,867 shares of the mining company’s stock valued at $5,024,000 after purchasing an additional 99,900 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter valued at $783,000. Institutional investors own 69.66% of the company’s stock.

NYSE CLF opened at $9.03 on Friday. Cleveland-Cliffs Inc has a 1 year low of $6.02 and a 1 year high of $13.10. The firm has a market capitalization of $2.72 billion, a PE ratio of 18.06 and a beta of 1.62.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Friday, October 19th. The mining company reported $0.64 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.02). Cleveland-Cliffs had a negative return on equity of 146.72% and a net margin of 36.43%. The firm had revenue of $742.00 million during the quarter, compared to the consensus estimate of $736.06 million. During the same quarter in the previous year, the company earned $0.36 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. On average, research analysts expect that Cleveland-Cliffs Inc will post 2.03 earnings per share for the current year.

Cleveland-Cliffs announced that its board has initiated a stock buyback program on Monday, November 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the mining company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, January 4th will be paid a $0.05 dividend. The ex-dividend date is Thursday, January 3rd. This represents a $0.20 annualized dividend and a dividend yield of 2.21%.

A number of brokerages have commented on CLF. Citigroup decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Monday. ValuEngine lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Vertical Group set a $5.00 price target on shares of Cleveland-Cliffs and gave the company a “sell” rating in a research note on Tuesday, October 23rd. Morgan Stanley set a $11.00 price target on shares of Cleveland-Cliffs and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $13.00 target price on shares of Cleveland-Cliffs in a research note on Monday, October 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $11.36.

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Cleveland-Cliffs Company Profile

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; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

Further Reading: Analyst Ratings

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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