Cleveland-Cliffs Inc. (NYSE:CLF) Position Trimmed by Amalgamated Bank

Amalgamated Bank decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 227,060 shares of the mining company’s stock after selling 7,152 shares during the period. Amalgamated Bank’s holdings in Cleveland-Cliffs were worth $1,866,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Slate Path Capital LP grew its position in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cleveland-Cliffs by 22.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock worth $12,209,000 after acquiring an additional 242,386 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $4,432,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Cleveland-Cliffs by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock worth $39,256,000 after acquiring an additional 425,041 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company’s 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 directly owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $8.77 on Monday. The firm has a 50-day moving average price of $7.49 and a 200 day moving average price of $8.79. The firm has a market capitalization of $4.34 billion, a PE ratio of -3.59 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.47.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the prior year, the company earned $0.18 EPS. The business’s quarterly revenue was down 11.0% on a year-over-year basis. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. B. Riley restated a “buy” rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Friday, June 20th. Finally, The Goldman Sachs Group decreased 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 report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.23.

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.