Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. reduced its stake in Cleveland-Cliffs by 22.9%, now holding 1,238,418 shares valued at approximately $10.18 million after selling 367,675 shares in Q1.
• Numerous hedge funds have adjusted their positions in Cleveland-Cliffs, with UMB Bank significantly increasing its stake by 243.2% during the first quarter.
• Analysts have varied opinions on the stock, with new price targets ranging from $10.00 to $17.00, indicating a consensus rating of "Hold" and an average target of $10.96.

Citigroup Inc. cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 22.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,238,418 shares of the mining company's stock after selling 367,675 shares during the quarter. Citigroup Inc. owned approximately 0.25% of Cleveland-Cliffs worth $10,180,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CLF. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Cleveland-Cliffs in the first quarter valued at $36,000. Fifth Third Bancorp grew its position in shares of Cleveland-Cliffs by 36.6% during the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,664 shares during the period. Byrne Asset Management LLC grew its position in shares of Cleveland-Cliffs by 38.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after acquiring an additional 1,753 shares during the period. TD Waterhouse Canada Inc. acquired a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $74,000. Finally, UMB Bank n.a. grew its position in shares of Cleveland-Cliffs by 243.2% during the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after acquiring an additional 5,579 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Insider Buying and Selling

In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CLF. Wells Fargo & Company upgraded Cleveland-Cliffs to a "hold" rating in a research report on Thursday. JPMorgan Chase & Co. raised their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Citigroup raised their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. B. Riley reaffirmed a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group decreased 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 note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs Trading Down 1.4%

Shares of Cleveland-Cliffs stock opened at $10.41 on Friday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The firm's 50-day moving average price is $9.05 and its 200 day moving average price is $8.84. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $14.34. The firm has a market capitalization of $5.15 billion, a PE ratio of -3.05 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The firm had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same quarter last year, the firm earned $0.11 earnings per share. The business's revenue for the quarter was up 7.5% on a year-over-year basis. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS 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.

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