Amalgamated Bank Trims Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Amalgamated Bank cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 325,413 shares of the mining company’s stock after selling 2,149 shares during the period. Amalgamated Bank’s holdings in Cleveland-Cliffs were worth $6,645,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Natixis Advisors L.P. boosted its holdings in Cleveland-Cliffs by 6.6% during the 4th quarter. Natixis Advisors L.P. now owns 42,325 shares of the mining company’s stock valued at $864,000 after acquiring an additional 2,620 shares during the period. Great Valley Advisor Group Inc. acquired a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $357,000. Sage Rhino Capital LLC increased its stake in Cleveland-Cliffs by 9.2% during the 4th quarter. Sage Rhino Capital LLC now owns 14,266 shares of the mining company’s stock worth $291,000 after buying an additional 1,202 shares during the period. Kestra Private Wealth Services LLC lifted its holdings in Cleveland-Cliffs by 1.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 140,181 shares of the mining company’s stock worth $2,862,000 after buying an additional 2,472 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Cleveland-Cliffs by 45.8% in the 4th quarter. Russell Investments Group Ltd. now owns 215,644 shares of the mining company’s stock valued at $4,407,000 after buying an additional 67,697 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now 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 can be accessed through this hyperlink. In related news, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the transaction, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Arlene M. Yocum bought 2,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The stock was purchased at an average price of $20.02 per share, with a total value 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 disclosure for this purchase can be found here. Over the last quarter, insiders bought 87,000 shares of company stock worth $1,470,640 and sold 221,066 shares worth $4,464,688. 1.76% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research note on Wednesday, March 13th. Wolfe Research reaffirmed an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Finally, TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Two research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.42.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $17.60 on Monday. 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 12 month low of $13.61 and a 12 month high of $22.97. The firm has a market capitalization of $8.37 billion, a P/E ratio of 23.78, a P/E/G ratio of 0.83 and a beta of 2.10. The company’s fifty day moving average price is $20.61 and its 200 day moving average price is $19.12.

Cleveland-Cliffs (NYSE:CLF) 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). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) earnings per share. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post 1.22 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has approved a stock repurchase plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.