Corebridge Financial Inc. Sells 5,667 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Corebridge Financial Inc. lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 549,527 shares of the mining company’s stock after selling 5,667 shares during the quarter. Corebridge Financial Inc.’s holdings in Cleveland-Cliffs were worth $5,166,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Drexel Morgan & Co. raised its position in shares of Cleveland-Cliffs by 34.4% during the 4th quarter. Drexel Morgan & Co. now owns 4,300,395 shares of the mining company’s stock valued at $40,424,000 after buying an additional 1,100,000 shares in the last quarter. Stevens Capital Management LP bought a new stake in shares of Cleveland-Cliffs during the 4th quarter worth $159,000. KLP Kapitalforvaltning AS purchased a new position in Cleveland-Cliffs in the fourth quarter worth $3,273,000. Finally, AXQ Capital LP increased its stake in Cleveland-Cliffs by 15.4% in the fourth quarter. AXQ Capital LP now owns 54,277 shares of the mining company’s stock valued at $510,000 after acquiring an additional 7,246 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Activity at Cleveland-Cliffs

In other news, Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the transaction, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 23,500 shares of company stock worth $243,095 over the last quarter. Corporate insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CLF shares. Citigroup cut their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Glj Research reduced 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. The Goldman Sachs Group lowered their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, 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. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $8.53 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $8.48 and a 1-year high of $22.97. The firm has a market cap of $4.22 billion, a P/E ratio of -8.79 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average of $10.26 and a 200-day moving average of $11.21.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.