Bank of New York Mellon Corp Takes Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Bank of New York Mellon initiated a significant Cleveland-Cliffs position, purchasing 3.23 million shares valued at approximately $30.3 million, or 0.57% of the company. Institutional investors and hedge funds collectively own 67.68% of CLF.
• Analyst sentiment remains mixed, with CLF carrying a consensus “Hold” rating and an average price target of $11.96. Recent targets range from $10 to $15.60, while JPMorgan downgraded its price objective to $10 and Glj Research upgraded the stock to “Buy.”
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share that narrowly beat estimates. However, the company remains unprofitable, with a negative net margin of 4.56%, while an executive sold $2.87 million worth of shares.

Bank of New York Mellon Corp bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,227,560 shares of the mining company's stock, valued at approximately $30,307,000. Bank of New York Mellon Corp owned 0.57% of Cleveland-Cliffs at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $25,000. Center for Financial Planning Inc. lifted its holdings in shares of Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock valued at $28,000 after buying an additional 1,805 shares during the period. IFP Advisors Inc lifted its holdings in shares of Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after buying an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in Cleveland-Cliffs by 94.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock valued at $33,000 after buying an additional 1,214 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in Cleveland-Cliffs by 306.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company's stock valued at $33,000 after buying an additional 1,855 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the 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 transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.95% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CLF. JPMorgan Chase & Co. lowered their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Wells Fargo & Company upped their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Monday, August 24th. Barclays raised their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a report on Friday, July 24th. Finally, Glj Research raised shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and lifted their target price for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $11.96.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.61 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $16.70. The company has a market cap of $6.62 billion, a price-to-earnings ratio of -7.17 and a beta of 2.09. The firm's 50-day moving average is $10.89 and its 200-day moving average is $10.68. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89.

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

Cleveland-Cliffs Company 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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