Amalgamated Bank Reduces Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Amalgamated Bank lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 12.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 298,643 shares of the mining company’s stock after selling 41,981 shares during the quarter. Amalgamated Bank owned about 0.06% of Cleveland-Cliffs worth $4,596,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Hodges Capital Management Inc. raised its position in Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after purchasing an additional 104,197 shares during the period. Quest Partners LLC bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $71,000. DekaBank Deutsche Girozentrale raised its holdings in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after acquiring an additional 177,198 shares during the last quarter. Finally, Natixis purchased a new position in Cleveland-Cliffs during the 1st quarter valued at $100,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 2.2 %

Cleveland-Cliffs stock opened at $11.77 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. The firm has a market cap of $5.60 billion, a P/E ratio of 15.91, a P/E/G ratio of 21.57 and a beta of 1.97. The business has a fifty day moving average of $13.33 and a two-hundred day moving average of $16.52. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. On average, analysts forecast that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CLF shares. Bank of America decreased their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, B. Riley restated a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.56.

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.