KBC Group NV Sells 136,770 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

KBC Group NV trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 85.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,593 shares of the mining company's stock after selling 136,770 shares during the quarter. KBC Group NV's holdings in Cleveland-Cliffs were worth $186,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Slate Path Capital LP increased its holdings in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock worth $12,209,000 after buying an additional 242,386 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $4,432,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Cleveland-Cliffs by 11.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company's stock valued at $39,256,000 after buying an additional 425,041 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the subject of a number of research reports. B. Riley reiterated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research downgraded 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 note on Wednesday, May 28th. Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research note on Friday, June 20th. Finally, The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.23.

Insider Activity at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the firm's 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 completion of the sale, the executive vice president directly owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Trading Down 3.6%

NYSE CLF traded down $0.32 on Monday, hitting $8.50. 29,223,234 shares of the stock were exchanged, compared to its average volume of 19,173,507. 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 52-week low of $5.63 and a 52-week high of $16.47. The firm has a market capitalization of $4.20 billion, a P/E ratio of -3.48 and a beta of 1.91. The stock has a fifty day moving average price of $7.49 and a two-hundred day moving average price of $8.79.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The business's revenue for the quarter was down 11.0% on a year-over-year basis. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Cleveland-Cliffs Company Profile

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.