Deutsche Bank AG Acquires 1,456,236 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Deutsche Bank AG raised its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 69.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,552,516 shares of the mining company's stock after buying an additional 1,456,236 shares during the quarter. Deutsche Bank AG owned about 0.72% of Cleveland-Cliffs worth $33,394,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CLF. Barclays PLC raised its stake in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after buying an additional 2,176,837 shares during the period. Franklin Resources Inc. grew its position in shares of Cleveland-Cliffs by 105.6% in the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after purchasing an additional 134,939 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Cleveland-Cliffs by 1,190.6% in the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company's stock valued at $50,000 after purchasing an additional 4,917 shares in the last quarter. Matrix Trust Co grew its position in shares of Cleveland-Cliffs by 813.5% in the fourth quarter. Matrix Trust Co now owns 17,412 shares of the mining company's stock valued at $164,000 after purchasing an additional 15,506 shares in the last quarter. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the fourth quarter valued at $137,000. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CLF has been the subject of several recent research reports. Glj Research reduced 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. Morgan Stanley reduced their price target on 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. The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, B. Riley reiterated a "buy" rating and issued a $17.00 price target (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $15.02.

Insider Transactions at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 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, for a total transaction of $102,695.00. Following the acquisition, the executive vice president now owns 543,475 shares of the company's stock, valued at $5,874,964.75. This trade represents a 1.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Baldwin acquired 4,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 23,500 shares of company stock worth $243,095. 1.71% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded up $0.15 during midday trading on Friday, hitting $7.58. 21,489,759 shares of the company's stock were exchanged, compared to its average volume of 15,192,287. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $17.86. The stock has a 50-day moving average price of $8.17 and a two-hundred day moving average price of $9.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a market cap of $3.75 billion, a P/E ratio of -7.81 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. Cleveland-Cliffs's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Cleveland-Cliffs 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.