AMG National Trust Bank Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

AMG National Trust Bank acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, HoldingsChannel reports. The firm acquired 148,694 shares of the mining company’s stock, valued at approximately $1,383,000.

Several other institutional investors and hedge funds have also modified their holdings of CLF. Pacer Advisors Inc. grew its stake in Cleveland-Cliffs by 13.7% in the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after acquiring an additional 3,110,651 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cleveland-Cliffs by 11.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,176,194 shares of the mining company’s stock valued at $39,256,000 after purchasing an additional 425,041 shares during the period. Hodges Capital Management Inc. increased its stake in Cleveland-Cliffs by 13.4% in the fourth quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock valued at $31,178,000 after purchasing an additional 391,109 shares during the last quarter. Finally, Barclays PLC lifted its position in Cleveland-Cliffs by 232.4% during the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock worth $39,757,000 after buying an additional 2,176,837 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.43.

Insider Activity

In other news, EVP Keith Koci acquired 9,500 shares of the business’s stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Trading Down 2.7 %

NYSE:CLF opened at $9.79 on Friday. The business’s 50-day moving average is $10.38 and its two-hundred day moving average is $11.57. The firm has a market capitalization of $4.84 billion, a PE ratio of -10.09 and a beta of 1.96. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.