M&T Bank Corp Buys 41,991 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

M&T Bank Corp raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 279.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,992 shares of the mining company's stock after purchasing an additional 41,991 shares during the quarter. M&T Bank Corp's holdings in Cleveland-Cliffs were worth $468,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CLF. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth approximately $25,000. Estabrook Capital Management grew its position in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the last quarter. AllSquare Wealth Management LLC grew its position in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after acquiring an additional 1,000 shares during the last quarter. Fifth Third Bancorp grew its position in Cleveland-Cliffs by 36.6% during the first 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 last quarter. Finally, Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 38.1% during the first 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 last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CLF. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a research note on Wednesday, May 28th. B. Riley reissued a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. reissued a "neutral" rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a research note on Monday, July 14th. Morgan Stanley increased their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research note on Friday, June 20th. Finally, The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $9.78.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded up $0.12 during trading hours on Friday, reaching $9.51. 25,018,597 shares of the stock traded hands, compared to its average volume of 19,805,392. The company has a 50 day moving average price of $7.70 and a 200 day moving average price of $8.78. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -3.90 and a beta of 1.91. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.00. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter last year, the firm posted $0.18 earnings per share. The company's revenue was down 11.0% compared to the same quarter last year. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP James D. Graham sold 120,000 shares of the company'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 sale, the executive vice president directly owned 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.71% of the stock is owned by company insiders.

Cleveland-Cliffs 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.