Vanguard Group Inc. Sells 784,678 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Vanguard Group Inc. reduced its stake in Cleveland-Cliffs by 1.6%, owning approximately 9.70% of the company, equivalent to $394.29 million after selling 784,678 shares.
• Institutions collectively own 67.68% of Cleveland-Cliffs, with several hedge funds increasing their stakes in the fourth quarter.
• Cleveland-Cliffs reported a quarterly earnings per share of ($0.50), surpassing analyst expectations, and experienced a year-over-year revenue increase of 7.5% to $4.93 billion.

Vanguard Group Inc. decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,967,111 shares of the mining company's stock after selling 784,678 shares during the quarter. Vanguard Group Inc. owned 9.70% of Cleveland-Cliffs worth $394,290,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Atria Wealth Solutions Inc. grew its stake in shares of Cleveland-Cliffs by 195.9% in the first quarter. Atria Wealth Solutions Inc. now owns 33,950 shares of the mining company's stock worth $279,000 after purchasing an additional 22,475 shares in the last quarter. Cheviot Value Management LLC bought a new position in shares of Cleveland-Cliffs in the first quarter worth $85,000. Bank of Nova Scotia boosted its stake in Cleveland-Cliffs by 46.2% during the first quarter. Bank of Nova Scotia now owns 29,506 shares of the mining company's stock valued at $242,000 after buying an additional 9,326 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Cleveland-Cliffs by 3.2% during the first quarter. PNC Financial Services Group Inc. now owns 295,729 shares of the mining company's stock valued at $2,431,000 after buying an additional 9,035 shares in the last quarter. Finally, Drexel Morgan & Co. boosted its stake in Cleveland-Cliffs by 2.1% during the first quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company's stock valued at $36,078,000 after buying an additional 88,680 shares in the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 1.5%

Cleveland-Cliffs stock traded up $0.16 during mid-day trading on Monday, hitting $10.57. The company's stock had a trading volume of 18,093,397 shares, compared to its average volume of 25,356,832. The firm's 50 day moving average is $9.05 and its 200 day moving average is $8.82. The company has a market cap of $5.23 billion, a PE ratio of -3.10 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $4.90 billion. During the same period in the prior year, the business earned $0.11 EPS. The business's revenue for the quarter was up 7.5% on a year-over-year basis. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CLF shares. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a research note on Tuesday, July 22nd. Citigroup raised their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. B. Riley reaffirmed a "buy" rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. Finally, 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 note on Thursday, July 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.96.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president directly owned 492,249 shares in the company, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.76% of the stock is owned by 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.