California First Leasing Corp Sells 139,000 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

California First Leasing Corp lowered its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 58.2% in the fourth quarter, HoldingsChannel reports. The firm owned 100,000 shares of the mining company’s stock after selling 139,000 shares during the period. California First Leasing Corp’s holdings in Cleveland-Cliffs were worth $940,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. boosted its holdings in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after acquiring an additional 134,939 shares during the period. Stonegate Investment Group LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $18,999,000. Janus Henderson Group PLC boosted its holdings in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after acquiring an additional 187,957 shares during the period. Rockefeller Capital Management L.P. bought a new stake in shares of Cleveland-Cliffs during the third quarter worth approximately $22,122,000. Finally, First Dallas Securities Inc. boosted its holdings in shares of Cleveland-Cliffs by 27.9% during the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock worth $2,640,000 after acquiring an additional 45,150 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.9 %

CLF opened at $10.83 on Friday. The company has a market cap of $5.35 billion, a P/E ratio of -11.16 and a beta of 1.96. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $10.31 and its 200-day moving average is $11.66. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares of the company’s stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.76% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of research analyst reports. Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Finally, Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.54.

Cleveland-Cliffs 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.