Bank of America Corp DE Has $23.67 Million Stake in Cleveland-Cliffs Inc. $CLF

Key Points

• Bank of America cut its Cleveland-Cliffs stake by 33.7% in the first quarter, selling 1.42 million shares and retaining 2.80 million shares valued at $23.67 million. Institutional investors collectively own 67.68% of CLF.
• Analysts remain cautious: Cleveland-Cliffs has a consensus “Hold” rating and an average price target of $11.86, with recent target cuts from Bank of America and JPMorgan.
• The company modestly beat quarterly earnings expectations, reporting a $0.20-per-share loss versus the anticipated $0.21 loss, while revenue rose 5.9% year over year to $5.23 billion. Shares opened at $12.29, within a 52-week range of $7.73 to $16.70.

Bank of America Corp DE reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 33.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,801,254 shares of the mining company's stock after selling 1,422,545 shares during the period. Bank of America Corp DE owned 0.49% of Cleveland-Cliffs worth $23,671,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CLF. Edgestream Partners L.P. boosted its position in Cleveland-Cliffs by 73.5% during the first quarter. Edgestream Partners L.P. now owns 557,261 shares of the mining company's stock worth $4,709,000 after purchasing an additional 236,031 shares during the period. Amundi acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $142,000. California State Teachers Retirement System lifted its stake in shares of Cleveland-Cliffs by 23.0% in the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company's stock worth $5,595,000 after buying an additional 123,660 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Cleveland-Cliffs by 1.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 406,621 shares of the mining company's stock worth $3,436,000 after buying an additional 5,586 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings in shares of Cleveland-Cliffs by 68.0% during the 1st quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company's stock worth $1,796,000 after buying an additional 86,036 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on CLF shares. Bank of America dropped their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Citigroup restated a "positive" rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Wells Fargo & Company reiterated a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Glj Research raised Cleveland-Cliffs from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. lowered their target price on Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $11.86.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $12.29 on Tuesday. The firm's 50-day moving average is $11.17 and its 200-day moving average is $10.83. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $16.70. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The company has a market cap of $7.01 billion, a price-to-earnings ratio of -7.59 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. The business had revenue of $5.23 billion during the quarter, compared to analysts' expectations of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm's revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.50) earnings per share. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president directly owned 184,542 shares of the company's stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.95% of the company's stock.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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