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

Corebridge Financial Inc. trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 549,527 shares of the mining company’s stock after selling 5,667 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Cleveland-Cliffs worth $5,166,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

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

Cleveland-Cliffs Trading Down 8.6 %

NYSE CLF opened at $8.53 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -8.79 and a beta of 1.94. Cleveland-Cliffs Inc. has a one year low of $8.48 and a one year high of $22.97. The business’s fifty day moving average is $10.26 and its 200-day moving average is $11.21.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $4.46 billion. Equities research analysts predict 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.