M&T Bank Corp Purchases 1,639 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

M&T Bank Corp grew its position in Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 9.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 18,460 shares of the mining company’s stock after buying an additional 1,639 shares during the period. M&T Bank Corp’s holdings in Cleveland-Cliffs were worth $376,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Anchor Investment Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $31,000. Lindbrook Capital LLC raised its stake in Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after buying an additional 716 shares during the last quarter. HighMark Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $35,000. Allworth Financial LP boosted its stake in shares of Cleveland-Cliffs by 50.3% in the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after buying an additional 619 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of Cleveland-Cliffs by 467.8% in the third quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,278 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.5 %

CLF stock opened at $17.89 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.97. The business has a 50 day simple moving average of $20.13 and a two-hundred day simple moving average of $19.22. The company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 0.96 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last posted its 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). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. During the same period in the previous year, the business posted ($0.11) earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. Research analysts anticipate that Cleveland-Cliffs Inc. will post 1.07 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on CLF. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. Wolfe Research reissued an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Citigroup downgraded Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research report on Wednesday, March 13th. Finally, B. Riley cut their price target on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.42.

Get Our Latest Research Report on Cleveland-Cliffs

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now owns 534,617 shares of the company’s stock, valued at approximately $10,793,917.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Terry G. Fedor sold 27,430 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $553,811.70. Following the sale, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan Miranda Green sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now directly owns 90,286 shares in the company, valued at $1,841,834.40. The disclosure for this sale can be found here. Over the last three months, insiders bought 87,000 shares of company stock valued at $1,470,640 and sold 221,066 shares valued at $4,464,688. 1.76% of the stock is owned by corporate insiders.

Cleveland-Cliffs Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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