Bank of New York Mellon Corp Has $28.31 Million Holdings in Cleveland-Cliffs Inc. $CLF

Bank of New York Mellon Corp increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 2.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,350,049 shares of the mining company’s stock after buying an additional 94,268 shares during the period. Bank of New York Mellon Corp owned 0.59% of Cleveland-Cliffs worth $28,308,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Phocas Financial Corp. grew its position in shares of Cleveland-Cliffs by 47.0% during the 4th quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock worth $6,306,000 after buying an additional 151,868 shares during the period. Vanguard Group Inc. grew its holdings in Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the period. Havemeyer Place LP bought a new stake in Cleveland-Cliffs in the fourth quarter valued at $1,331,000. Hsbc Holdings PLC raised its holdings in shares of Cleveland-Cliffs by 1,059.4% during the fourth quarter. Hsbc Holdings PLC now owns 318,247 shares of the mining company’s stock valued at $4,214,000 after purchasing an additional 290,797 shares during the period. Finally, CenterBook Partners LP raised its holdings in shares of Cleveland-Cliffs by 39.5% during the fourth quarter. CenterBook Partners LP now owns 257,571 shares of the mining company’s stock valued at $3,421,000 after purchasing an additional 72,883 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 2.5%

CLF opened at $12.23 on Tuesday. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The firm has a market capitalization of $6.98 billion, a PE ratio of -7.55 and a beta of 2.13. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The company’s 50-day moving average is $11.32 and its 200 day moving average is $11.01.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.50) EPS. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on CLF shares. Wells Fargo & Company restated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday. Barclays upped their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Finally, Morgan Stanley restated an “equal weight” rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.86.

Insider Activity

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.95% of the stock is currently owned by insiders.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.