TD Asset Management Inc Increases Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

TD Asset Management Inc increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 25.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,612 shares of the mining company’s stock after buying an additional 9,312 shares during the period. TD Asset Management Inc’s holdings in Cleveland-Cliffs were worth $931,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Anchor Investment Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at $31,000. Lindbrook Capital LLC grew its stake in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after purchasing an additional 716 shares during the last quarter. HighMark Wealth Management LLC purchased a new position in Cleveland-Cliffs in the fourth quarter valued at about $35,000. Allworth Financial LP grew its stake in Cleveland-Cliffs by 50.3% in the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares during the last quarter. Finally, Covestor Ltd grew its stake in Cleveland-Cliffs by 467.8% in the third quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,278 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.6 %

Cleveland-Cliffs stock opened at $15.80 on Monday. 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 Inc. has a 52 week low of $13.84 and a 52 week high of $22.97. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 0.36 and a beta of 2.08. The stock has a 50-day moving average price of $18.72 and a 200 day moving average price of $19.23.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released its earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same period last year, the firm earned ($0.11) EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 0.95 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has authorized a stock buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 24th. Wolfe Research restated an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research note on Wednesday, February 28th. Finally, StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $20.64.

View Our Latest Report on CLF

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the transaction, the director now directly owns 90,286 shares of the company’s stock, valued at $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lourenco Goncalves purchased 60,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was bought at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by corporate insiders.

About Cleveland-Cliffs

(Free Report)

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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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