M&T Bank Corp Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

M&T Bank Corp cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 30.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,001 shares of the mining company’s stock after selling 6,573 shares during the quarter. M&T Bank Corp’s holdings in Cleveland-Cliffs were worth $141,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Jones Financial Companies Lllp raised its holdings in Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock valued at $63,000 after acquiring an additional 1,182 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its holdings in Cleveland-Cliffs by 11.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock valued at $125,000 after acquiring an additional 1,313 shares during the last quarter. Strengthening Families & Communities LLC raised its holdings in Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after acquiring an additional 1,490 shares during the last quarter. Private Trust Co. NA raised its holdings in Cleveland-Cliffs by 3.8% in the 3rd quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Archer Investment Corp raised its holdings in Cleveland-Cliffs by 25.8% in the 3rd quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock valued at $100,000 after acquiring an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

CLF has been the subject of a number of recent research reports. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. The Goldman Sachs Group cut their price objective 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. Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. Citigroup dropped their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $16.43.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Jane M. Cronin bought 10,000 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now owns 543,475 shares in the company, valued at $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 23,500 shares of company stock valued at $243,095. Company insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.42 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market capitalization of $5.15 billion, a P/E ratio of -10.74 and a beta of 1.94. The company has a 50 day moving average price of $10.40 and a 200 day moving average price of $11.41. Cleveland-Cliffs Inc. has a fifty-two week low of $8.50 and a fifty-two week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data 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). The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.