Bank of New York Mellon Corp Boosts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Bank of New York Mellon Corp increased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 20.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,382,769 shares of the mining company's stock after buying an additional 1,236,247 shares during the quarter. Bank of New York Mellon Corp owned about 1.49% of Cleveland-Cliffs worth $69,398,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CLF. Strengthening Families & Communities LLC increased its holdings in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock valued at $25,000 after purchasing an additional 1,490 shares during the period. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Byrne Asset Management LLC raised its position in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after buying an additional 2,600 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter valued at approximately $44,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

CLF traded up $0.56 during midday trading on Wednesday, hitting $10.03. 21,715,626 shares of the company traded hands, compared to its average volume of 17,280,551. The business has a 50 day simple moving average of $10.35 and a two-hundred day simple moving average of $11.59. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of -10.34 and a beta of 1.96. 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 issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts' consensus estimates 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. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on CLF. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. StockNews.com cut Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. 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 report on Thursday, February 27th. The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs has a consensus rating of "Hold" and an average price target of $16.43.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of the company's stock in a transaction dated Friday, February 28th. The stock was 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 directly owns 543,475 shares of the company's stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This represents a 68.86 % 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 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.