Amundi Buys 127,411 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Amundi increased its Cleveland-Cliffs stake by 759.3% in the second quarter, acquiring 127,411 additional shares for a total holding of 144,190 shares valued at approximately $1.35 million.
• Institutional investors own 67.68% of CLF, while analysts maintain a consensus “Hold” rating with an average price target of $12.06; individual targets range from $10 to $15.60.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share that narrowly beat estimates. The stock opened at $11.64, with a one-year range of $7.73 to $16.70.

Amundi boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 759.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,190 shares of the mining company's stock after buying an additional 127,411 shares during the period. Amundi's holdings in Cleveland-Cliffs were worth $1,354,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Center for Financial Planning Inc. raised its holdings in Cleveland-Cliffs by 119.0% in the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock worth $28,000 after purchasing an additional 1,805 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth about $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $44,000. Finally, Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth about $59,000. 67.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CLF has been the topic of several research reports. UBS Group set a $13.00 price objective on shares of Cleveland-Cliffs in a research note on Monday, September 7th. Glj Research raised shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and raised their target price for the company from $15.01 to $15.60 in a research note on Friday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, September 9th. Wells Fargo & Company boosted their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Monday, August 24th. Finally, Barclays upped their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $12.06.

Cleveland-Cliffs Stock Performance

CLF stock opened at $11.64 on Tuesday. The stock's fifty day moving average price is $11.31 and its 200-day moving average price is $10.76. The company has a market cap of $6.64 billion, a P/E ratio of -7.19 and a beta of 2.10. Cleveland-Cliffs Inc. has a 1 year low of $7.73 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

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

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.

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