Total Clarity Wealth Management Inc. Buys New Position in Cleveland-Cliffs Inc. $CLF

Total Clarity Wealth Management Inc. bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 74,421 shares of the mining company’s stock, valued at approximately $629,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CLF. Los Angeles Capital Management LLC bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth $25,000. IFP Advisors Inc lifted its holdings in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,855 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,214 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.12 on Wednesday. The stock has a market cap of $6.34 billion, a PE ratio of -4.75 and a beta of 2.09. The company’s fifty day moving average is $11.47 and its 200 day moving average is $11.56. Cleveland-Cliffs Inc. has a 52 week low of $7.00 and a 52 week high of $16.70. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. During the same period in the prior year, the business posted ($0.92) earnings per share. The company’s revenue was up 6.3% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

CLF has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. Barclays assumed coverage on Cleveland-Cliffs in a research report on Thursday, May 21st. They set an “underweight” rating and a $9.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $9.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, June 10th. Argus upgraded Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Finally, Glj Research raised Cleveland-Cliffs from a “sell” rating to a “hold” rating and upped their target price for the stock from $9.03 to $15.01 in a research note on Tuesday, June 9th. Nine research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $12.90.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.95% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.