Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Toronto Dominion Bank

Toronto Dominion Bank raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 9,170.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 69,995 shares of the mining company's stock after acquiring an additional 69,240 shares during the quarter. Toronto Dominion Bank's holdings in Cleveland-Cliffs were worth $658,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Slate Path Capital LP boosted its position 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 buying an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after purchasing an additional 1,236,247 shares in the last quarter. Stonegate Investment Group LLC acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $18,999,000. Vanguard Group Inc. boosted its position in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after buying an additional 2,556,332 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $4,432,000. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director John T. Baldwin purchased 4,000 shares of the business's stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. This trade represents a 3.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president now owns 492,249 shares of the company's stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

NYSE:CLF traded down $0.14 during trading hours on Friday, hitting $5.77. 8,217,920 shares of the company's stock traded hands, compared to its average volume of 15,960,821. The business's fifty day simple moving average is $7.61 and its two-hundred day simple moving average is $9.56. The firm has a market cap of $2.85 billion, a P/E ratio of -5.95 and a beta of 2.03. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52 week low of $5.69 and a 52 week high of $17.41.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly 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 firm had revenue of $4.63 billion for the quarter, compared to analysts' expectations of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company's quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research note on Wednesday. B. Riley reissued a "buy" rating and set a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $12.74.

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.