Northern Trust Corp Increases Holdings in Cleveland-Cliffs Inc. $CLF

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 stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,014,436 shares of the mining company's stock after purchasing an additional 54,244 shares during the period. Northern Trust Corp owned approximately 0.81% of Cleveland-Cliffs worth $32,999,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fairfax Financial Holdings Ltd. Can purchased a new position in Cleveland-Cliffs in the 4th quarter valued at approximately $55,453,000. Allianz Asset Management GmbH boosted its position in shares of Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after buying an additional 2,232,799 shares in the last quarter. Deutsche Bank AG grew its stake in Cleveland-Cliffs by 69.5% in the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock valued at $33,394,000 after acquiring an additional 1,456,236 shares during the last quarter. Nuveen LLC purchased a new position in Cleveland-Cliffs during the 1st quarter valued at about $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Cleveland-Cliffs by 231.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock worth $12,838,000 after acquiring an additional 1,090,237 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 0.6%

Shares of NYSE CLF traded up $0.07 during trading on Thursday, hitting $10.54. 15,085,914 shares of the company traded hands, compared to its average volume of 15,401,365. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The firm has a market capitalization of $5.21 billion, a P/E ratio of -3.09 and a beta of 1.93. 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 company has a 50-day moving average price of $9.94 and a 200-day moving average price of $8.82.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm's revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 earnings per share. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CLF shares. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. Citigroup increased their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Morgan Stanley raised their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company upgraded Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $10.96.

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.