110,753 Shares in Cleveland-Cliffs Inc. $CLF Acquired by Deutsche Bank AG

Key Points

• Deutsche Bank acquired 110,753 Cleveland-Cliffs shares in the second quarter, valued at approximately $1.04 million. Institutional investors and hedge funds collectively own 67.68% of the company.
• Analysts maintain a generally cautious view, with Cleveland-Cliffs holding a consensus “Hold” rating and an average price target of $11.96. Price targets ranged from $10.00 to $15.60 among recent research updates.
• Cleveland-Cliffs reported a quarterly loss of $0.20 per share, slightly better than estimates, while revenue rose 5.9% year over year to $5.23 billion. The stock opened at $11.61, compared with a 52-week range of $7.73 to $16.70.

Deutsche Bank AG bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 110,753 shares of the mining company's stock, valued at approximately $1,040,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Focus Partners Wealth purchased a new position in shares of Cleveland-Cliffs in the 1st quarter worth $339,000. Prudential Financial Inc. increased its stake in Cleveland-Cliffs by 27.4% during the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company's stock worth $380,000 after acquiring an additional 10,733 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company's stock worth $1,088,000 after acquiring an additional 6,073 shares during the last quarter. CW Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 47.4% in the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company's stock worth $168,000 after purchasing an additional 7,127 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Cleveland-Cliffs by 20.3% in the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company's stock worth $23,417,000 after purchasing an additional 520,120 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Wall Street Analyst Weigh In

CLF has been the topic of several research reports. Wells Fargo & Company raised their price target on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Monday, August 24th. Morgan Stanley reissued an "equal weight" rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Bank of America cut their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a research note on Thursday, July 9th. Glj Research upgraded shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and lifted their target price for the company from $15.01 to $15.60 in a report on Friday, July 24th. Finally, Barclays upped their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average price target of $11.96.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.61 on Monday. The firm has a 50-day moving average of $10.89 and a two-hundred day moving average of $10.67. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The stock has a market cap of $6.62 billion, a P/E ratio of -7.17 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. The business had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The company's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.50) earnings per share. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares of the company's stock, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.95% of the stock is owned by corporate insiders.

Cleveland-Cliffs Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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