Caxton Associates LP Takes Position in Cleveland-Cliffs Inc (CLF)
Caxton Associates LP acquired a new stake in Cleveland-Cliffs Inc (NYSE:CLF) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 150,000 shares of the mining company’s stock, valued at approximately $1,154,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System increased its holdings in shares of Cleveland-Cliffs by 33.1% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 188,027 shares of the mining company’s stock valued at $2,380,000 after acquiring an additional 46,811 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Cleveland-Cliffs by 174.7% in the 3rd quarter. Private Advisor Group LLC now owns 90,782 shares of the mining company’s stock valued at $1,149,000 after acquiring an additional 57,736 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Cleveland-Cliffs by 675.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 88,254 shares of the mining company’s stock valued at $1,117,000 after acquiring an additional 76,869 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Cleveland-Cliffs by 13.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 75,217 shares of the mining company’s stock valued at $952,000 after acquiring an additional 8,920 shares during the last quarter. Finally, Strategic Wealth Advisors Group LLC purchased a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $242,000. 72.88% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Keith Koci bought 3,200 shares of the stock in a transaction on Friday, February 15th. The shares were bought at an average cost of $11.23 per share, for a total transaction of $35,936.00. Following the purchase, the chief financial officer now owns 3,700 shares of the company’s stock, valued at approximately $41,551. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Susan Miranda Green sold 12,700 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were 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. Company insiders own 0.89% of the company’s stock.
Shares of CLF stock opened at $9.96 on Friday. Cleveland-Cliffs Inc has a twelve month low of $6.40 and a twelve month high of $13.10. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 4.68 and a beta of 1.84. The company has a current ratio of 3.16, a quick ratio of 2.77 and a debt-to-equity ratio of 4.93.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, February 8th. The mining company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.02). Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The company had revenue of $696.30 million during the quarter, compared to analysts’ expectations of $721.52 million. During the same quarter last year, the business posted $1.07 earnings per share. The company’s revenue for the quarter was up 36.0% compared to the same quarter last year. On average, equities analysts expect that Cleveland-Cliffs Inc will post 1.6 EPS for the current year.
Cleveland-Cliffs declared that its Board of Directors has authorized a stock repurchase plan on Monday, November 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the mining company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.20 annualized dividend and a dividend yield of 2.01%. Cleveland-Cliffs’s dividend payout ratio (DPR) is currently 9.39%.
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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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