Bank of New York Mellon Corp Trims Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Bank of New York Mellon Corp trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,131,484 shares of the mining company's stock after selling 251,285 shares during the period. Bank of New York Mellon Corp owned about 1.44% of Cleveland-Cliffs worth $58,621,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at $25,000. Estabrook Capital Management lifted its stake in shares of Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares in the last quarter. AllSquare Wealth Management LLC lifted its stake in shares of Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares in the last quarter. Finally, Byrne Asset Management LLC lifted its stake in shares of Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CLF. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. B. Riley reissued a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. reissued a "neutral" rating and set a $7.50 price target on shares of Cleveland-Cliffs in a research report on Monday. The Goldman Sachs Group dropped their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research report on Friday, June 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $9.78.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president owned 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Stock Performance

CLF stock traded down $0.35 during mid-day trading on Monday, hitting $9.53. The company had a trading volume of 2,219,825 shares, compared to its average volume of 19,507,114. The firm has a market cap of $4.71 billion, a PE ratio of -3.92 and a beta of 1.91. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.47. The stock's fifty day moving average price is $7.57 and its two-hundred day moving average price is $8.78.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its 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). The business had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. Cleveland-Cliffs's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.18 EPS. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.