Ameriprise Financial Inc. Has $13.37 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Ameriprise Financial Inc. trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 21.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,424,967 shares of the mining company’s stock after selling 388,093 shares during the quarter. Ameriprise Financial Inc. owned about 0.29% of Cleveland-Cliffs worth $13,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after buying an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Cleveland-Cliffs by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock worth $199,724,000 after buying an additional 647,282 shares during the last quarter. Slate Path Capital LP lifted its stake in shares of Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC raised its stake in Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock valued at $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci acquired 9,500 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now directly 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 available through this link. Also, Director John T. Baldwin acquired 4,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 23,500 shares of company stock valued at $243,095. 1.71% of the stock is owned by insiders.

Cleveland-Cliffs Trading Up 2.0%

Shares of CLF stock opened at $7.58 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $17.86. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -7.81 and a beta of 2.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a fifty day moving average of $8.17 and a 200-day moving average of $9.93.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the previous year, the company posted $0.18 EPS. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the subject of several research analyst reports. The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. B. Riley reiterated a “buy” rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Finally, Glj Research cut their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.02.

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.