Cleveland-Cliffs Inc. $CLF Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in Cleveland-Cliffs Inc. by 0.7%, now holding 21,093,134 shares worth approximately $173.39 million.
• Cleveland-Cliffs has experienced a range of analyst ratings, with KeyCorp upgrading the stock to "overweight" and various firms adjusting price targets between $10.00 and $17.00.
• In its latest earnings report, Cleveland-Cliffs posted a loss of ($0.50) per share, but exceeded analyst expectations, reporting revenues of $4.93 billion, up 7.5% year-over-year.

Dimensional Fund Advisors LP decreased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,093,134 shares of the mining company's stock after selling 154,292 shares during the period. Dimensional Fund Advisors LP owned about 4.27% of Cleveland-Cliffs worth $173,391,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CLF. Louisiana State Employees Retirement System grew its position in shares of 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 valued at $1,115,000 after buying an additional 1,200 shares during the last quarter. Ancora Advisors LLC boosted its stake in 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 during the period. State of Alaska Department of Revenue boosted its stake 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 acquiring an additional 1,475 shares during the period. Hunter Associates Investment Management LLC grew its holdings in shares of Cleveland-Cliffs by 3.1% during the first quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock valued at $406,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Capital Investment Advisory Services LLC grew its holdings in shares of Cleveland-Cliffs by 7.1% during the first quarter. Capital Investment Advisory Services LLC now owns 24,125 shares of the mining company's stock valued at $198,000 after purchasing an additional 1,600 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF traded up $0.04 during midday trading on Monday, reaching $10.48. 11,725,912 shares of the company traded hands, compared to its average volume of 19,069,160. The company has a market cap of $5.18 billion, a price-to-earnings ratio of -3.07 and a beta of 1.99. The stock has a 50-day moving average price of $9.40 and a 200 day moving average price of $8.83. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.93 billion during 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 revenue was up 7.5% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CLF shares. The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a report on Monday, May 12th. Citigroup increased their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price 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.