Amundi Sells 529,376 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Amundi cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 61.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 327,324 shares of the mining company’s stock after selling 529,376 shares during the period. Amundi owned approximately 0.07% of Cleveland-Cliffs worth $3,191,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CLF. Strengthening Families & Communities LLC boosted its holdings in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Darwin Wealth Management LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Byrne Asset Management LLC boosted its holdings in Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs during the fourth quarter worth about $44,000. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $10.42 on Monday. The stock has a market capitalization of $5.15 billion, a P/E ratio of -10.74 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $10.40 and its 200 day moving average is $11.40. Cleveland-Cliffs Inc. has a 12 month low of $8.50 and a 12 month high of $22.97.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, Glj Research dropped their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.43.

Insiders Place Their Bets

In other news, Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the purchase, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John T. Baldwin bought 4,000 shares of the stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 in the last three months. 1.76% of the stock is currently owned by corporate 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.