Keybank National Association OH Invests $475,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Keybank National Association OH acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, Holdings Channel reports. The fund acquired 50,488 shares of the mining company’s stock, valued at approximately $475,000.

Other hedge funds have also made changes to their positions in the company. Strengthening Families & Communities LLC boosted its holdings in shares of 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. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth $34,000. Truvestments Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth $34,000. Byrne Asset Management LLC boosted its holdings in shares of 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 acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $44,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin bought 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith Koci bought 9,500 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the transaction, the executive vice president now owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Down 2.7 %

NYSE:CLF opened at $9.79 on Monday. The business’s 50-day moving average is $10.39 and its two-hundred day moving average is $11.53. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97. The firm has a market capitalization of $4.84 billion, a PE ratio of -10.09 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS 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 company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.