Truist Financial Corp Has $7.22 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Truist Financial Corp lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 353,673 shares of the mining company’s stock after selling 17,068 shares during the period. Truist Financial Corp owned approximately 0.07% of Cleveland-Cliffs worth $7,222,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,347,056 shares of the mining company’s stock worth $52,314,000 after buying an additional 40,838 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cleveland-Cliffs by 9.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock worth $42,757,000 after acquiring an additional 236,274 shares during the period. AQR Capital Management LLC lifted its holdings in Cleveland-Cliffs by 154.2% during the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after acquiring an additional 1,568,961 shares during the period. Douglas Lane & Associates LLC boosted its position in Cleveland-Cliffs by 20.6% in the fourth quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after purchasing an additional 359,801 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its stake in Cleveland-Cliffs by 10.6% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock valued at $32,075,000 after purchasing an additional 196,373 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 1.9 %

CLF opened at $17.60 on Friday. The company has a 50 day moving average of $20.61 and a 200 day moving average of $19.07. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97. The company has a market cap of $8.37 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 0.79 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly 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 company 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%. Cleveland-Cliffs’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.11) earnings per share. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post 1.22 EPS for the current year.

Cleveland-Cliffs announced that its Board of Directors has initiated a share buyback program on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, Director Arlene M. Yocum acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was bought 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 of the company’s stock, valued at $1,899,637.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Susan Miranda Green sold 6,500 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total value of $132,600.00. Following the sale, the director now owns 90,286 shares in the company, valued at $1,841,834.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arlene M. Yocum acquired 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 87,000 shares of company stock worth $1,470,640 and have sold 221,066 shares worth $4,464,688. Company insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a research note on Wednesday, February 28th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Wolfe Research reiterated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Finally, Morgan Stanley decreased their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.42.

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.