Amalgamated Bank Sells 2,149 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Amalgamated Bank lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 325,413 shares of the mining company’s stock after selling 2,149 shares during the period. Amalgamated Bank owned 0.06% of Cleveland-Cliffs worth $6,645,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Cleveland-Cliffs by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,347,056 shares of the mining company’s stock worth $52,314,000 after purchasing an additional 40,838 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cleveland-Cliffs by 9.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock worth $42,757,000 after buying an additional 236,274 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after acquiring an additional 1,568,961 shares during the last quarter. Douglas Lane & Associates LLC grew its holdings in shares of Cleveland-Cliffs by 20.6% during the fourth quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after purchasing an additional 359,801 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of Cleveland-Cliffs by 10.6% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock worth $32,075,000 after purchasing an additional 196,373 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $17.60 on Monday. Cleveland-Cliffs Inc. has a twelve month low of $13.61 and a twelve month high of $22.97. The company has a market capitalization of $8.37 billion, a P/E ratio of 23.78, a price-to-earnings-growth ratio of 0.83 and a beta of 2.10. The firm has a 50 day moving average of $20.61 and a 200 day moving average of $19.12. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.11) EPS. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its board has authorized a stock buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Cleveland-Cliffs

In related news, Director Arlene M. Yocum bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the acquisition, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Arlene M. Yocum purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Lourenco Goncalves acquired 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. Company insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

CLF has been the topic of several research reports. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Citigroup lowered Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Wednesday, March 13th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs 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.