Ameriprise Financial Inc. Reduces Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Ameriprise Financial Inc. reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 21.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,424,967 shares of the mining company's stock after selling 388,093 shares during the period. Ameriprise Financial Inc. owned approximately 0.29% of Cleveland-Cliffs worth $13,372,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Slate Path Capital LP boosted its position in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Stonegate Investment Group LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at $18,999,000. Vanguard Group Inc. boosted its position in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at $4,432,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John T. Baldwin bought 4,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This trade represents a 3.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of the company's stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 23,500 shares of company stock valued at $243,095 in the last quarter. 1.71% of the stock is currently owned by insiders.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $0.05 during trading on Tuesday, hitting $7.41. 14,768,291 shares of the company's stock were exchanged, compared to its average volume of 15,260,882. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $17.77. The business's 50-day simple moving average is $8.07 and its 200 day simple moving average is $9.85. The company has a market cap of $3.66 billion, a price-to-earnings ratio of -7.64 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. During the same quarter in the prior year, the business earned $0.18 EPS. The business's quarterly revenue was down 11.0% compared to the same quarter last year. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

CLF has been the topic of several recent analyst reports. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Finally, Glj Research decreased their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of "Moderate Buy" and a consensus price target of $15.02.

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.