Alliancebernstein L.P. Cuts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Alliancebernstein L.P. lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 629,826 shares of the mining company's stock after selling 63,120 shares during the quarter. Alliancebernstein L.P. owned about 0.13% of Cleveland-Cliffs worth $5,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CLF. Bank of New York Mellon Corp boosted its position in shares of Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after purchasing an additional 1,236,247 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock worth $3,429,000 after acquiring an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $18,999,000. Vanguard Group Inc. boosted its stake in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Cleveland-Cliffs during the 4th quarter worth approximately $4,432,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

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Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Citigroup reduced their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. B. Riley restated a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, Glj Research dropped their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $16.24.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded down $0.17 during mid-day trading on Tuesday, hitting $7.20. The company had a trading volume of 5,992,933 shares, compared to its average volume of 20,254,910. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -7.42 and a beta of 1.93. Cleveland-Cliffs Inc. has a 12-month low of $6.17 and a 12-month high of $21.79. The company's fifty day moving average is $9.58 and its 200-day moving average is $10.81. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

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

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock worth $243,095 in the last 90 days. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs 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.