Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by US Bancorp DE

US Bancorp DE trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,802 shares of the mining company’s stock after selling 2,950 shares during the period. US Bancorp DE’s holdings in Cleveland-Cliffs were worth $243,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Terril Brothers Inc. lifted its stake in shares of Cleveland-Cliffs by 1.5% in the 4th quarter. Terril Brothers Inc. now owns 1,050,865 shares of the mining company’s stock valued at $9,878,000 after purchasing an additional 15,395 shares in the last quarter. Mutual of America Capital Management LLC lifted its stake in shares of Cleveland-Cliffs by 1.1% in the 4th quarter. Mutual of America Capital Management LLC now owns 255,704 shares of the mining company’s stock valued at $2,404,000 after purchasing an additional 2,750 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Cleveland-Cliffs by 3.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 98,462 shares of the mining company’s stock valued at $926,000 after purchasing an additional 3,700 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Cleveland-Cliffs by 38.0% in the 4th quarter. Illinois Municipal Retirement Fund now owns 164,170 shares of the mining company’s stock valued at $1,543,000 after purchasing an additional 45,247 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Cleveland-Cliffs by 3.8% in the 4th quarter. Amalgamated Bank now owns 234,212 shares of the mining company’s stock valued at $2,202,000 after purchasing an additional 8,596 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Keith Koci bought 9,500 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the transaction, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock worth $243,095 in the last three months. 1.76% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CLF. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Glj Research dropped their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Price Performance

CLF stock opened at $10.42 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52-week low of $8.50 and a 52-week high of $22.97. The stock’s 50 day moving average is $10.38 and its two-hundred day moving average is $11.45. The company has a market capitalization of $5.15 billion, a PE ratio of -10.74 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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 business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

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.