Charles Schwab Investment Management Inc. Has $37.78 Million Stock Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Cleveland-Cliffs Inc. by 10.1% in Q1, owning 4,596,026 shares valued at approximately $37.78 million.
• Cleveland-Cliffs has experienced diverse analyst ratings, ranging from a downgrade to "strong sell" by Glj Research to a price target increase by JPMorgan Chase & Co. to $10.00, giving it a mixed rating of "Hold".
• In its latest earnings report, Cleveland-Cliffs posted an adjusted EPS of ($0.50), surpassing analysts' expectations, and reported a 7.5% year-over-year revenue increase with total revenue of $4.93 billion.

Charles Schwab Investment Management Inc. grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 10.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,596,026 shares of the mining company's stock after purchasing an additional 419,832 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.93% of Cleveland-Cliffs worth $37,779,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its stake in shares of Cleveland-Cliffs by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock valued at $1,115,000 after purchasing an additional 1,200 shares during the period. Ancora Advisors LLC lifted its stake in shares of Cleveland-Cliffs by 5.4% in the 4th quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock valued at $267,000 after purchasing an additional 1,450 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of Cleveland-Cliffs by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock valued at $465,000 after purchasing an additional 1,475 shares during the period. Hunter Associates Investment Management LLC raised its stake in Cleveland-Cliffs by 3.1% during the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock worth $406,000 after buying an additional 1,500 shares during the period. Finally, Capital Investment Advisory Services LLC raised its stake in Cleveland-Cliffs by 7.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 24,125 shares of the mining company's stock worth $198,000 after buying an additional 1,600 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 topic of several research analyst reports. Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Morgan Stanley raised their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs Price Performance

CLF stock opened at $10.57 on Tuesday. The stock has a 50-day moving average price of $9.10 and a two-hundred day moving average price of $8.83. The stock has a market cap of $5.23 billion, a PE ratio of -3.10 and a beta of 1.99. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) 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 analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The company's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 EPS. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.71% of the company's stock.

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.

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