Comerica Bank Has $1.56 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Comerica Bank decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,283 shares of the mining company’s stock after selling 5,373 shares during the quarter. Comerica Bank’s holdings in Cleveland-Cliffs were worth $1,563,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at about $45,381,000. Slate Path Capital LP grew its holdings in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Vanguard Group Inc. increased its position in Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the period. Barclays PLC raised its stake in shares of Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after acquiring an additional 2,176,837 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Cleveland-Cliffs by 135.4% during the fourth quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock worth $33,988,000 after purchasing an additional 2,079,589 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $7.01 on Friday. 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 twelve month low of $6.17 and a twelve month high of $18.10. The company has a fifty day moving average of $8.37 and a 200-day moving average of $10.13. The firm has a market capitalization of $3.47 billion, a P/E ratio of -7.23 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted 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 company had revenue of $4.63 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 11.0% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, Director Jane M. Cronin acquired 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Keith Koci bought 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares in the company, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 23,500 shares of company stock worth $243,095. Corporate insiders own 1.71% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of several analyst reports. B. Riley reaffirmed 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. The Goldman Sachs Group cut their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Moderate Buy” and an average target price of $15.49.

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.