DekaBank Deutsche Girozentrale Sells 4,701 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

DekaBank Deutsche Girozentrale decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,134 shares of the mining company’s stock after selling 4,701 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Cleveland-Cliffs were worth $807,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. raised its position in shares of Cleveland-Cliffs by 3.8% in the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after purchasing an additional 2,041,111 shares during the period. Vanguard Group Inc. raised its position in shares of Cleveland-Cliffs by 0.9% in the third quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after purchasing an additional 387,794 shares during the period. State Street Corp raised its position in shares of Cleveland-Cliffs by 18.6% in the second quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after purchasing an additional 3,295,448 shares during the period. Geode Capital Management LLC raised its position in shares of Cleveland-Cliffs by 2.1% in the first quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company’s stock valued at $136,853,000 after purchasing an additional 150,571 shares during the period. Finally, Morgan Stanley raised its position in shares of Cleveland-Cliffs by 1.5% in the fourth quarter. Morgan Stanley now owns 6,855,860 shares of the mining company’s stock valued at $110,448,000 after purchasing an additional 98,117 shares during the period. Institutional investors own 67.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Susan Miranda Green sold 6,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.40, for a total value of $132,600.00. Following the completion of the sale, the director now owns 90,286 shares of the company’s stock, valued at approximately $1,841,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ron A. Bloom acquired 25,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, with a total value of $506,000.00. Following the purchase, the director now directly owns 27,221 shares in the company, valued at approximately $550,953.04. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 in the last quarter. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF stock opened at $21.23 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. Cleveland-Cliffs Inc. has a one year low of $13.61 and a one year high of $22.97. The stock has a market cap of $10.09 billion, a PE ratio of 27.57, a P/E/G ratio of 0.77 and a beta of 2.03. The firm has a 50 day simple moving average of $20.85 and a two-hundred day simple moving average of $18.78.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.16 billion. During the same quarter in the previous year, the company earned ($0.30) EPS. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. On average, analysts predict that Cleveland-Cliffs Inc. will post 1.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CLF shares. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. StockNews.com cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research note on Wednesday, February 28th. Citigroup cut shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research note on Wednesday, March 13th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.92.

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.