Cleveland-Cliffs Inc. (NYSE:CLF) Shares Purchased by Deutsche Bank AG

Key Points

• Deutsche Bank AG increased its stake in Cleveland-Cliffs Inc. by 16.1%, now holding over 4.1 million shares worth approximately $33.9 million as of the latest SEC filing.
• Multiple institutional investors have adjusted their positions, with a total of 67.68% of the stock now owned by institutions, indicating strong institutional interest in the company.
• Analysts have various ratings for CLF shares, with target prices ranging from $3.91 to $14.00, reflecting mixed sentiments on the stock's performance.

Deutsche Bank AG boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 16.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,124,778 shares of the mining company's stock after buying an additional 572,262 shares during the period. Deutsche Bank AG owned 0.83% of Cleveland-Cliffs worth $33,906,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CLF. Charles Schwab Investment Management Inc. increased its position in shares of Cleveland-Cliffs by 10.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company's stock valued at $37,779,000 after acquiring an additional 419,832 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in Cleveland-Cliffs by 195.9% in the first quarter. Atria Wealth Solutions Inc. now owns 33,950 shares of the mining company's stock valued at $279,000 after purchasing an additional 22,475 shares during the last quarter. Cheviot Value Management LLC purchased a new stake in Cleveland-Cliffs in the first quarter valued at $85,000. Bank of Nova Scotia boosted its holdings in Cleveland-Cliffs by 46.2% in the first quarter. Bank of Nova Scotia now owns 29,506 shares of the mining company's stock valued at $242,000 after purchasing an additional 9,326 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Cleveland-Cliffs by 3.2% in the first quarter. PNC Financial Services Group Inc. now owns 295,729 shares of the mining company's stock valued at $2,431,000 after purchasing an additional 9,035 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup upped their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Glj Research lowered 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 research note on Wednesday, May 28th. JPMorgan Chase & Co. increased their target price on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group lowered their target price on shares of 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 issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.96.

Cleveland-Cliffs Price Performance

CLF traded down $0.15 during trading on Friday, reaching $10.41. The company's stock had a trading volume of 16,892,330 shares, compared to its average volume of 25,823,236. 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 firm has a fifty day simple moving average of $9.05 and a two-hundred day simple moving average of $8.83. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The company has a market cap of $5.15 billion, a price-to-earnings ratio of -3.05 and a beta of 1.99.

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 for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the company posted $0.11 EPS. The business's revenue was up 7.5% on a year-over-year basis. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.71% of the stock is owned by company insiders.

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.