American International Group Inc. Has $13.92 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

American International Group Inc. trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 681,897 shares of the mining company’s stock after selling 34,780 shares during the quarter. American International Group Inc. owned approximately 0.14% of Cleveland-Cliffs worth $13,924,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. Anchor Investment Management LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $31,000. Lindbrook Capital LLC grew its position in shares of Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares during the period. HighMark Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the 4th quarter worth about $35,000. Allworth Financial LP grew its position in shares of Cleveland-Cliffs by 50.3% during 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 period. Finally, Covestor Ltd grew its position in shares of Cleveland-Cliffs by 467.8% during the 3rd quarter. Covestor Ltd now owns 2,765 shares of the mining company’s stock worth $43,000 after buying an additional 2,278 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Up 0.3 %

Shares of Cleveland-Cliffs stock traded up $0.05 on Friday, reaching $14.91. 11,475,153 shares of the company were exchanged, compared to its average volume of 7,459,375. Cleveland-Cliffs Inc. has a one year low of $13.84 and a one year high of $22.97. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 0.66 and a beta of 2.08. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average of $17.98 and a 200 day moving average of $19.17.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the prior year, the company earned ($0.11) EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.48 earnings per share for the current year.

Cleveland-Cliffs declared that its Board of Directors has approved a share repurchase plan 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 plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were acquired at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now owns 59,900 shares in the company, valued at $1,018,300. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Ben Oren acquired 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the acquisition, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ron A. Bloom acquired 25,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was purchased at an average cost of $17.00 per share, for a total transaction of $425,000.00. Following the completion of the acquisition, the director now owns 59,900 shares in the company, valued at $1,018,300. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 98,950 shares of company stock worth $1,639,638. Company insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CLF. B. Riley decreased their price objective on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. BNP Paribas lowered Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research report on Wednesday, February 28th. Seaport Res Ptn upgraded Cleveland-Cliffs to a “hold” rating in a research report on Tuesday, June 11th. Citigroup cut 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. Finally, JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their target price for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $19.79.

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.