Wolverine Asset Management LLC Sells 21,400 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Wolverine Asset Management LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 24.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,195 shares of the mining company’s stock after selling 21,400 shares during the quarter. Wolverine Asset Management LLC’s holdings in Cleveland-Cliffs were worth $1,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CLF. CWM LLC increased its stake in shares of Cleveland-Cliffs by 30.4% in the 3rd quarter. CWM LLC now owns 15,926 shares of the mining company’s stock worth $249,000 after purchasing an additional 3,711 shares in the last quarter. AE Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 4.5% in the 3rd quarter. AE Wealth Management LLC now owns 19,824 shares of the mining company’s stock worth $310,000 after purchasing an additional 845 shares in the last quarter. SG Americas Securities LLC increased its stake in Cleveland-Cliffs by 31.2% in the 3rd quarter. SG Americas Securities LLC now owns 21,507 shares of the mining company’s stock worth $336,000 after buying an additional 5,120 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in Cleveland-Cliffs by 25.6% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 25,248 shares of the mining company’s stock worth $395,000 after buying an additional 5,140 shares in the last quarter. Finally, Avior Wealth Management LLC increased its stake in Cleveland-Cliffs by 64.6% in the 3rd quarter. Avior Wealth Management LLC now owns 2,469 shares of the mining company’s stock worth $39,000 after buying an additional 969 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the transaction, the director now directly owns 90,286 shares in the company, valued at approximately $1,841,834.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the sale, the chief executive officer now directly owns 2,699,089 shares in the company, valued at $54,494,606.91. The disclosure for this sale can be found here. Insiders have sold 221,066 shares of company stock worth $4,464,688 in the last ninety days. 1.76% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CLF. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a report on Wednesday, March 13th. Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. JPMorgan Chase & Co. dropped their price objective on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $20.75.

Cleveland-Cliffs Trading Down 1.3 %

NYSE:CLF opened at $18.31 on Thursday. The company has a market capitalization of $8.71 billion, a P/E ratio of 24.74, a PEG ratio of 0.64 and a beta of 2.03. The firm has a fifty day simple moving average of $20.97 and a 200-day simple moving average of $19.00. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97. The company has a current ratio of 1.90, a quick ratio of 0.62 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same period in the previous year, the firm posted ($0.11) EPS. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Cleveland-Cliffs announced that its board has approved a stock buyback program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.