Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 274,532 shares of the mining company’s stock after selling 8,975 shares during the period. PNC Financial Services Group Inc.’s holdings in Cleveland-Cliffs were worth $5,606,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $117,585,000. AQR Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 154.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after acquiring an additional 1,568,961 shares during the last quarter. Barclays PLC boosted its stake in shares of Cleveland-Cliffs by 240.4% during the 3rd quarter. Barclays PLC now owns 1,988,689 shares of the mining company’s stock worth $31,083,000 after acquiring an additional 1,404,491 shares in the last quarter. Ninety One UK Ltd acquired a new position in shares of Cleveland-Cliffs in the 4th quarter worth $27,928,000. Finally, International Assets Investment Management LLC raised its position in shares of Cleveland-Cliffs by 1,627.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,431,769 shares of the mining company’s stock worth $29,237,000 after purchasing an additional 1,348,893 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 0.1 %

CLF stock opened at $16.91 on Friday. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 0.38 and a beta of 2.10. The company has a 50-day moving average of $19.70 and a two-hundred day moving average of $19.22. Cleveland-Cliffs Inc. has a 52-week low of $13.61 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59.

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 the consensus estimate of $0.19 by ($0.01). The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.11) EPS. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 0.95 EPS for the current year.

Cleveland-Cliffs announced that its Board of Directors has authorized a share repurchase plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the mining company to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Arlene M. Yocum bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Susan Miranda Green sold 6,500 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.40, for a total transaction of $132,600.00. Following the completion of the sale, the director now directly owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arlene M. Yocum bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the acquisition, 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. In the last quarter, insiders have bought 87,000 shares of company stock valued at $1,470,640 and have sold 221,066 shares valued at $4,464,688. 1.76% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of analyst reports. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. StockNews.com lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.64.

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.