Truist Financial Corp Sells 17,068 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Truist Financial Corp decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 353,673 shares of the mining company’s stock after selling 17,068 shares during the period. Truist Financial Corp’s holdings in Cleveland-Cliffs were worth $7,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in shares of Cleveland-Cliffs by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,347,056 shares of the mining company’s stock valued at $52,314,000 after acquiring an additional 40,838 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Cleveland-Cliffs by 9.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock valued at $42,757,000 after acquiring an additional 236,274 shares during the period. AQR Capital Management LLC lifted its stake in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after buying an additional 1,568,961 shares in the last quarter. Douglas Lane & Associates LLC boosted its holdings in Cleveland-Cliffs by 20.6% in the 4th quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after buying an additional 359,801 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in Cleveland-Cliffs by 10.6% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock worth $32,075,000 after buying an additional 196,373 shares during the period. Institutional investors own 67.68% of the company’s stock.

Insider Activity at Cleveland-Cliffs

In related news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the transaction, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the transaction, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lourenco Goncalves acquired 60,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was purchased at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the purchase, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 87,000 shares of company stock valued at $1,470,640 and sold 221,066 shares valued at $4,464,688. 1.76% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CLF has been the subject of several recent analyst reports. Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. JPMorgan Chase & Co. dropped their target price on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. B. Riley dropped their target price on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a report on Wednesday, March 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs Stock Up 1.9 %

CLF opened at $17.60 on Friday. The firm has a 50-day simple moving average of $20.61 and a two-hundred day simple moving average of $19.07. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.97. The company has a market capitalization of $8.37 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 0.79 and a beta of 2.10. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same period last year, the company earned ($0.11) EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Analysts forecast that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a share repurchase program on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.