Keybank National Association OH Buys New Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Keybank National Association OH bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 50,488 shares of the mining company’s stock, valued at approximately $475,000.

A number of other large investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its position in shares of Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after purchasing an additional 1,182 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in Cleveland-Cliffs by 11.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock valued at $125,000 after acquiring an additional 1,313 shares during the last quarter. Strengthening Families & Communities LLC raised its stake in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares during the last quarter. Private Trust Co. NA raised its stake in Cleveland-Cliffs by 3.8% during the 3rd quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Archer Investment Corp raised its stake in Cleveland-Cliffs by 25.8% during the 3rd quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock valued at $100,000 after acquiring an additional 1,600 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CLF has been the subject of several analyst reports. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Citigroup reduced their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley reduced their price objective on 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 Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $9.79 on Monday. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97. The company has a market cap of $4.84 billion, a price-to-earnings ratio of -10.09 and a beta of 1.94. The stock has a 50 day simple moving average of $10.39 and a 200-day simple moving average of $11.53. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 9,500 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by company insiders.

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.