MFA Wealth Advisors LLC Takes $56,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

MFA Wealth Advisors LLC bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,607 shares of the mining company’s stock, valued at approximately $56,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cleveland-Cliffs by 81.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,096 shares of the mining company’s stock valued at $3,228,000 after acquiring an additional 71,105 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Cleveland-Cliffs by 5.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 40,150 shares of the mining company’s stock valued at $820,000 after acquiring an additional 2,012 shares during the period. Federated Hermes Inc. increased its holdings in shares of Cleveland-Cliffs by 13.3% during the fourth quarter. Federated Hermes Inc. now owns 94,724 shares of the mining company’s stock valued at $1,934,000 after acquiring an additional 11,119 shares in the last quarter. Xponance Inc. raised its position in shares of Cleveland-Cliffs by 2.4% during the fourth quarter. Xponance Inc. now owns 67,373 shares of the mining company’s stock worth $1,376,000 after purchasing an additional 1,596 shares during the period. Finally, Lindbrook Capital LLC lifted its holdings in shares of Cleveland-Cliffs by 83.7% in the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In related news, Director Ben Oren acquired 6,700 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the stock in a transaction on Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, with a total value of $108,605.00. Following the completion of the purchase, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ben Oren acquired 6,700 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the acquisition, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of recent research reports. B. Riley restated a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Morgan Stanley lowered their price objective on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Finally, Jefferies Financial Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 price objective for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.94.

Check Out Our Latest Research Report on Cleveland-Cliffs

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded up $0.44 during midday trading on Wednesday, hitting $12.84. 10,432,855 shares of the company’s stock were exchanged, compared to its average volume of 8,949,683. The stock has a 50-day moving average price of $14.68 and a two-hundred day moving average price of $17.74. Cleveland-Cliffs Inc. has a 52-week low of $12.39 and a 52-week high of $22.97. The company has a market cap of $6.11 billion, a P/E ratio of 17.35, a PEG ratio of 1.94 and a beta of 2.03. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the business earned $0.69 earnings per share. Cleveland-Cliffs’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current year.

About Cleveland-Cliffs

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