Oak Harvest Investment Services Takes $929,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Oak Harvest Investment Services purchased a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 40,858 shares of the mining company’s stock, valued at approximately $929,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Anchor Investment Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $31,000. Lindbrook Capital LLC increased its holdings in shares of Cleveland-Cliffs by 83.7% during the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after acquiring an additional 716 shares in the last quarter. Rise Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after acquiring an additional 1,429 shares in the last quarter. HighMark Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $35,000. Finally, Allworth Financial LP increased its holdings in shares of Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after acquiring an additional 619 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Performance

NYSE:CLF traded up $0.32 on Thursday, hitting $15.95. The stock had a trading volume of 7,044,625 shares, compared to its average volume of 10,899,924. The stock has a market cap of $7.58 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 1.05 and a beta of 2.03. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. The business’s 50-day simple moving average is $16.42 and its two-hundred day simple moving average is $18.92. Cleveland-Cliffs Inc. has a 52-week low of $13.84 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. 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 business posted ($0.11) earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 0.34 earnings per share for the current year.

Cleveland-Cliffs declared that its board has approved a share buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In related news, Director Ron A. Bloom acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were purchased at an average price of $17.00 per share, with a total value of $425,000.00. Following the completion of the purchase, the director now directly owns 59,900 shares of the company’s stock, valued at $1,018,300. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Ron A. Bloom acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were purchased at an average price of $17.00 per share, with a total value of $425,000.00. Following the completion of the purchase, the director now directly owns 59,900 shares of the company’s stock, valued at $1,018,300. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lourenco Goncalves purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average cost of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at approximately $46,242,331.64. The disclosure for this purchase can be found here. Insiders have purchased 98,950 shares of company stock valued at $1,639,638 over the last quarter. 1.76% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CLF has been the topic of several recent analyst reports. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Bank of America dropped their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, B. Riley reaffirmed a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.44.

Cleveland-Cliffs Company Profile

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.