Cleveland-Cliffs Inc. $CLF Shares Acquired by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Cleveland-Cliffs Inc. by 1.4% during Q1, owning approximately 4 million shares worth about $33 million at the end of the reporting period.
• Cleveland-Cliffs reported a loss of ($0.50) earnings per share for the most recent quarter, which was better than analysts' expectations, along with a revenue of $4.93 billion.
• Wall Street analysts have mixed opinions on Cleveland-Cliffs, with price targets ranging from a low of $3.91 to a high of $14.00 in various ratings.

Northern Trust Corp lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,014,436 shares of the mining company's stock after purchasing an additional 54,244 shares during the quarter. Northern Trust Corp owned about 0.81% of Cleveland-Cliffs worth $32,999,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its holdings in Cleveland-Cliffs by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after buying an additional 1,200 shares in the last quarter. Pinnacle Holdings LLC increased its position in shares of Cleveland-Cliffs by 1.3% during the first quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock worth $870,000 after acquiring an additional 1,371 shares during the period. Ancora Advisors LLC raised its stake in shares of Cleveland-Cliffs by 5.4% in the fourth quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock valued at $267,000 after acquiring an additional 1,450 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Cleveland-Cliffs by 2.7% in the first 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. Finally, Hunter Associates Investment Management LLC increased its holdings 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 purchasing an additional 1,500 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 0.8%

CLF traded down $0.09 on Thursday, reaching $10.38. The company's stock had a trading volume of 2,159,709 shares, compared to its average volume of 24,536,117. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of -3.02 and a beta of 1.93. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.34. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The stock has a 50 day moving average of $9.88 and a two-hundred day moving average of $8.83.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm earned $0.11 EPS. The company's revenue was up 7.5% compared to the same quarter last year. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a research report on Tuesday, July 22nd. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a report on Wednesday, May 28th. The Goldman Sachs Group lowered their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $10.96.

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.