Cullen Investment Group LTD. Invests $795,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Cullen Investment Group LTD. acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 38,944 shares of the mining company’s stock, valued at approximately $795,000.

A number of other hedge funds also recently made changes to their positions in CLF. Exchange Traded Concepts LLC bought a new stake in Cleveland-Cliffs in the third quarter worth $29,000. Anchor Investment Management LLC bought a new stake in Cleveland-Cliffs in the fourth quarter worth $31,000. HighMark Wealth Management LLC bought a new stake in Cleveland-Cliffs in the fourth quarter worth $35,000. Lazard Asset Management LLC lifted its stake in Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after purchasing an additional 746 shares during the last quarter. Finally, Tyler Stone Wealth Management bought a new stake in Cleveland-Cliffs in the second quarter worth $36,000. 67.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a research note on Wednesday, March 13th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Finally, TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $19.92.

Insider Buying and Selling

In related news, CEO Lourenco Goncalves sold 187,136 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 2,699,089 shares of the company’s stock, valued at $54,494,606.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cleveland-Cliffs news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the transaction, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Insiders have sold 221,066 shares of company stock valued at $4,464,688 over the last quarter. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $21.23 on Tuesday. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. The company’s 50-day moving average is $20.85 and its 200 day moving average is $18.78. The stock has a market capitalization of $10.09 billion, a P/E ratio of 27.57, a P/E/G ratio of 0.77 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.16 billion. During the same quarter in the previous year, the company earned ($0.30) earnings per share. Cleveland-Cliffs’s quarterly revenue was up 1.3% on a year-over-year basis. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post 1.63 earnings per share for the current year.

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.