Cleveland-Cliffs Inc. (NYSE:CLF) Stock Holdings Increased by Deutsche Bank AG

Deutsche Bank AG grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 16.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,124,778 shares of the mining company’s stock after purchasing an additional 572,262 shares during the quarter. Deutsche Bank AG owned approximately 0.83% of Cleveland-Cliffs worth $33,906,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Cleveland-Cliffs during the first quarter valued at approximately $36,000. Fifth Third Bancorp grew its holdings in shares of Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock valued at $51,000 after purchasing an additional 1,664 shares during the last quarter. Byrne Asset Management LLC grew its holdings in shares of Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after purchasing an additional 1,753 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $74,000. Finally, UMB Bank n.a. grew its holdings in shares of Cleveland-Cliffs by 243.2% during the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company’s stock valued at $65,000 after purchasing an additional 5,579 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CLF shares. Morgan Stanley upped their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Citigroup increased their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. Finally, KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Tuesday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $11.09.

Cleveland-Cliffs Stock Performance

CLF opened at $9.92 on Wednesday. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of -2.91 and a beta of 1.99. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The business has a 50 day moving average price of $8.86 and a two-hundred day moving average price of $8.83.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.11 earnings per share. Research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS 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.