Fifth Third Bancorp Has $51,000 Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Fifth Third Bancorp grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 36.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,216 shares of the mining company’s stock after purchasing an additional 1,664 shares during the quarter. Fifth Third Bancorp’s holdings in Cleveland-Cliffs were worth $51,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Pinpoint Asset Management Ltd acquired a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $25,000. Estabrook Capital Management lifted its position in shares of Cleveland-Cliffs by 207.7% during the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock valued at $38,000 after acquiring an additional 2,700 shares during the period. AllSquare Wealth Management LLC lifted its position in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after acquiring an additional 1,000 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Cleveland-Cliffs by 487.8% during the 4th quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock valued at $56,000 after acquiring an additional 4,971 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in shares of Cleveland-Cliffs by 21.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after acquiring an additional 1,182 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

CLF opened at $6.99 on Friday. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.47. The company has a market cap of $3.45 billion, a price-to-earnings ratio of -2.86 and a beta of 1.85. The company’s fifty day moving average price is $7.41 and its two-hundred day moving average price is $9.04.

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 analysts’ consensus estimates of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CLF shares. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Friday. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. B. Riley reaffirmed a “buy” rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of “Hold” and an average target price of $11.53.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president now owns 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.71% of the company’s stock.

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.