Charles Schwab Investment Management Inc. Acquires 419,832 Shares of 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. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 10.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,596,026 shares of the mining company's stock after purchasing an additional 419,832 shares during the period. Charles Schwab Investment Management Inc. owned 0.93% of Cleveland-Cliffs worth $37,779,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System lifted its holdings in 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 worth $1,115,000 after purchasing an additional 1,200 shares in the last quarter. Ancora Advisors LLC lifted its holdings in Cleveland-Cliffs by 5.4% in the 4th quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock worth $267,000 after purchasing an additional 1,450 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in 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 worth $465,000 after purchasing an additional 1,475 shares in the last quarter. Hunter Associates Investment Management LLC raised its holdings in shares of 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 acquiring an additional 1,500 shares in the last quarter. Finally, Capital Investment Advisory Services LLC raised its holdings in shares of 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 acquiring an additional 1,600 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Morgan Stanley upped their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a report on Tuesday, July 22nd. Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Finally, Citigroup upped 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $10.96.

Cleveland-Cliffs Trading Up 3.6%

NYSE:CLF traded up $0.3650 during midday trading on Friday, hitting $10.4350. 19,336,824 shares of the company traded hands, compared to its average volume of 19,518,602. The firm's fifty day moving average is $9.33 and its 200-day moving average is $8.84. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.34. The firm has a market capitalization of $5.16 billion, a P/E ratio of -3.06 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 (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the firm posted $0.11 EPS. Cleveland-Cliffs's quarterly revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current 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.