American International Group Inc. Sells 22,308 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

American International Group Inc. lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 659,589 shares of the mining company’s stock after selling 22,308 shares during the period. American International Group Inc. owned 0.14% of Cleveland-Cliffs worth $14,999,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC boosted its holdings in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after purchasing an additional 716 shares during the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $35,000. Hexagon Capital Partners LLC raised its stake in shares of Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Cleveland-Cliffs by 50.3% in the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CLF. Seaport Res Ptn raised Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Morgan Stanley decreased their price target on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. Bank of America decreased their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.44.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded up $0.58 during trading hours on Thursday, reaching $15.52. The company had a trading volume of 4,660,940 shares, compared to its average volume of 8,934,777. Cleveland-Cliffs Inc. has a one year low of $13.84 and a one year high of $22.97. The business has a fifty day simple moving average of $15.85 and a 200 day simple moving average of $18.42. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59. The firm has a market cap of $7.38 billion, a PE ratio of 20.23, a price-to-earnings-growth ratio of 1.19 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.85% and a net margin of 0.21%. The firm’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter last year, the company earned $0.69 earnings per share. On average, analysts anticipate that Cleveland-Cliffs Inc. will post 0.3 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a share buyback plan on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, CEO Lourenco Goncalves acquired 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was bought at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the purchase, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Lourenco Goncalves purchased 60,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were acquired at an average price of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the transaction, the chief executive officer now directly owns 2,759,089 shares of the company’s stock, valued at approximately $46,242,331.64. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ron A. Bloom purchased 25,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were purchased at an average price of $17.00 per share, for a total transaction of $425,000.00. Following the transaction, the director now directly owns 59,900 shares of the company’s stock, valued at $1,018,300. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 98,950 shares of company stock valued at $1,639,638. Company insiders own 1.76% of the company’s stock.

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.