M&T Bank Corp Grows Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

M&T Bank Corp raised its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 279.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,992 shares of the mining company’s stock after buying an additional 41,991 shares during the period. M&T Bank Corp’s holdings in Cleveland-Cliffs were worth $468,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. grew its position in shares of Cleveland-Cliffs by 16.5% in the first quarter. Stratos Wealth Partners LTD. now owns 45,941 shares of the mining company’s stock valued at $378,000 after purchasing an additional 6,513 shares during the period. Hourglass Capital LLC grew its position in shares of Cleveland-Cliffs by 25.0% in the first quarter. Hourglass Capital LLC now owns 75,000 shares of the mining company’s stock valued at $616,000 after purchasing an additional 15,000 shares during the period. Pekin Hardy Strauss Inc. grew its position in shares of Cleveland-Cliffs by 11.7% in the first quarter. Pekin Hardy Strauss Inc. now owns 28,600 shares of the mining company’s stock valued at $235,000 after purchasing an additional 3,000 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Cleveland-Cliffs by 53.6% in the first quarter. Envestnet Asset Management Inc. now owns 116,545 shares of the mining company’s stock valued at $958,000 after purchasing an additional 40,656 shares during the period. Finally, Capital Investment Advisory Services LLC grew its position in shares of Cleveland-Cliffs by 7.1% in the first quarter. Capital Investment Advisory Services LLC now owns 24,125 shares of the mining company’s stock valued at $198,000 after purchasing an additional 1,600 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

CLF opened at $9.14 on Thursday. The firm has a market capitalization of $4.52 billion, a PE ratio of -3.75 and a beta of 1.91. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.00. The firm’s 50-day moving average price is $7.61 and its 200 day moving average price is $8.79. 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 (NYSE:CLF) last posted its quarterly 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 for 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 business’s revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Ratings Changes

CLF has been the topic of several research analyst reports. Morgan Stanley lifted their target price on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research report on Friday, June 20th. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. B. Riley reiterated a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price on the stock. in a research report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $7.50 price target on shares of Cleveland-Cliffs in a research report on Monday. 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 issued a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $9.78.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the business’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 transaction, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.71% of the stock is owned by insiders.

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.