Sumitomo Mitsui Trust Holdings Inc. Decreases Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,049,741 shares of the mining company’s stock after selling 16,813 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.21% of Cleveland-Cliffs worth $21,436,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Anchor Investment Management LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $31,000. HighMark Wealth Management LLC purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $35,000. Exchange Traded Concepts LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $29,000. Allworth Financial LP lifted its stake in Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its stake in Cleveland-Cliffs by 64.6% in the 3rd quarter. Avior Wealth Management LLC now owns 2,469 shares of the mining company’s stock worth $39,000 after purchasing an additional 969 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CLF. Morgan Stanley restated an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Wednesday, March 13th. Wolfe Research restated an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. StockNews.com upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.92.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom purchased 25,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $20.24 per share, with a total value of $506,000.00. Following the transaction, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cleveland-Cliffs news, Director Ron A. Bloom purchased 25,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $20.24 per share, with a total value of $506,000.00. Following the transaction, the director now directly owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arlene M. Yocum purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the transaction, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The disclosure for this purchase can be found here. Insiders sold 221,066 shares of company stock valued at $4,464,688 in the last 90 days. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Up 0.2 %

Cleveland-Cliffs stock opened at $20.86 on Tuesday. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. The firm has a 50 day moving average price of $20.98 and a 200 day moving average price of $18.98. The company has a market capitalization of $9.92 billion, a PE ratio of 27.08, a price-to-earnings-growth ratio of 0.72 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.06). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the business posted ($0.11) EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Cleveland-Cliffs Company 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.