On April 21, 2023, it was revealed that Kestra Advisory Services LLC had significantly reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF). According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), Kestra Advisory Services LLC sold around 60.1% of its holdings in the mining company during the fourth quarter, amounting to a total of 176,719 shares. The institutional investor now owns only 117,259 shares worth $1,889,000 as of its most recent SEC filing.
Cleveland-Cliffs Inc. is a leading steel and iron ore pellet producer in North America with a vertically integrated operation that covers every step from mining through finishing and downstream activities such as hot and cold stamping of steel parts and components. Its former name was Cliffs Natural Resources Inc., but it was changed to Cleveland-Cliffs in August 2017.
The reduction in Kestra Advisory Services’ holdings comes amidst several insider trades involving Cleveland-Cliffs directors. On March 7th alone, Director Douglas C. Taylor sold 42,000 shares of the company’s stock at an average price of $21.25 each for a total transaction value of $892,500. Following this sale, Taylor now holds approximately 118,469 shares valued at $2,517,466.25.
Another director Susan Miranda Green also sold her stake by disposing off 8,700 stocks with an average price of $22.66 on March 3rd while still leaving her holding over 87 thousand stocks after it was completed.
Despite these changes in share ownership among insiders and institutions alike Kavanaugh Biomedical recently noted that CLF remains stable on medical manufacturing so analysts are not expecting any major shakeups at this time leading one looking towards future performance trends for guidance on what may occur next in regards to trading or strategic decisions.
These new developments in the market are undoubtedly complex and may require significant analysis to fully understand their implications for investors. As always, it is essential to keep an eye on upcoming news and make informed decisions based on reliable information.
Investments and Analyst Reports: Cleveland-Cliffs Inc. maintains its position as a leading player in North America’s resources industry amidst COVID-19 disruptions
Cleveland-Cliffs, Inc.: An Overview of Recent Investments and Analyst Reports
As of the 4th quarter of 2023, a number of investors have both added to and reduced their stakes in Cleveland-Cliffs. Terril Brothers Inc., for instance, increased their holdings in the mining company’s stock by 0.3%, with shares now valued at over $11 million. Meanwhile, other investors like Narwhal Capital Management and HighTower Trust Company N.A. invested in new positions worth approximately $193,000 and $187,000 respectively. Other hedge funds and institutional investors also own significant amounts of Cleveland-Cliffs stock – an estimated 65.25 percent.
Cleveland-Cliffs has received numerous recent analyst reports including positive reviews from Citigroup who labeled the company as “neutral” and upped their price objective on Monday, February 13th from $16 to $22. The Goldman Sachs Group also gave a buy rating when they increased their target price from $18 to $23 on Wednesday, January 18th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating while also increasing their target price for CLF stock from $13.60 to $26 on Wednesday, January 11th.
Wolfe Research also upgraded Cleveland-Cliffs from an “underperform” rating to a “peer perform” rating in another report issued later that month following a stellar period for the firm’s revenue — it reported earnings per share of ($0.30) within Q1 which exceeded analysts’ previous consensus estimates by a notable margin.
Despite varying analyst reports about its performance this year, Cleveland-Cliffs remains the largest flat-rolled steel company and iron ore pellet producer in North America with plans for continued growth across all product lines. The company is fully vertically integrated offering not only mining services but also iron making, steel rolling, finishing and downstream services like hot and cold stamping of steel parts and components.
As of Friday, April 21, 2023, Cleveland-Cliffs Inc. shares were valued at $16.57 with a 50-day moving average of $18.96 and a 200-day moving average of $17.44. The stock has seen steady growth over the past year with highs of $32.72 and lows reaching $11.82 – a remarkable feat for the firm in the midst of an economic downturn brought about by global health pandemic measures.
Overall, while recent investments in CLF demonstrate mixed levels of support from investors, Cleveland-Cliffs has maintained its position as a leading player in North America’s resources industry despite some apparent challenges presented by COVID-19-related disruptions to supply chains worldwide.
The future looks bright for Cleveland-Cliffs as it continues to enjoy success across its product verticals, and analysts remain generally positive on its growth prospects. As always with volatile markets like resources-based industries, proper risk management remains key for investors looking into purchasing CLF stock ahead of potential fluctuations in demand or adverse fiscal events occurring elsewhere in the world that could reverberate through operations within this sector over time.
Going forward, it will be interesting to observe how Cleveland-Cliffs performs while facing fluctuating markets brought about by evolving global issues combined with changing consumer preferences for sustainably sourced materials amid continued pressures from regulatory interventions being imposed worldwide concerning environmental standards related to production practices going forward.
