Dimensional Fund Advisors LP Cuts Stock Holdings in Cleveland-Cliffs Inc. $CLF

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 lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 0.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,093,134 shares of the mining company's stock after selling 154,292 shares during the period. Dimensional Fund Advisors LP owned approximately 4.27% of Cleveland-Cliffs worth $173,391,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Louisiana State Employees Retirement System raised its stake in Cleveland-Cliffs by 0.9% during the first 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 during the period. Ancora Advisors LLC raised its stake in Cleveland-Cliffs by 5.4% during the fourth 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 during the period. State of Alaska Department of Revenue raised its stake in Cleveland-Cliffs by 2.7% during the first 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 during the period. Hunter Associates Investment Management LLC raised its stake in 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 worth $406,000 after purchasing an additional 1,500 shares during the period. Finally, Capital Investment Advisory Services LLC raised its stake in 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 worth $198,000 after purchasing an additional 1,600 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent research reports. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research report on Tuesday, July 22nd. Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. 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 research report on Thursday, July 24th. Citigroup increased their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, B. Riley reissued a "buy" rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. One investment 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 issued a Sell rating to the company. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average target price of $10.96.

Cleveland-Cliffs Price Performance

CLF opened at $10.4230 on Wednesday. The company has a fifty day simple moving average of $9.15 and a 200 day simple moving average of $8.84. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of -3.06 and a beta of 1.99. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $14.34. 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 analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business's revenue was up 7.5% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 492,249 shares of the company's stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.76% of the stock is currently owned by corporate insiders.

About Cleveland-Cliffs

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.

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