Invesco Ltd. Has $21.05 Million Stock Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Invesco Ltd. increased its stake in Cleveland-Cliffs Inc. by 10.2%, now owning 2,561,121 shares valued at approximately $21.05 million.
• Major institutional investors, including Allianz and Deutsche Bank, have significantly increased their holdings, indicating strong institutional interest in Cleveland-Cliffs.
• Analysts have varied ratings on Cleveland-Cliffs stock, with a consensus price target of $10.96, reflecting a range of outlooks on the company's future performance.

Invesco Ltd. lifted its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,561,121 shares of the mining company's stock after acquiring an additional 237,940 shares during the quarter. Invesco Ltd. owned approximately 0.52% of Cleveland-Cliffs worth $21,052,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cleveland-Cliffs by 22.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after acquiring an additional 242,386 shares in the last quarter. Twelve Points Wealth Management LLC grew its position in Cleveland-Cliffs by 51.7% during the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock valued at $1,854,000 after purchasing an additional 76,827 shares in the last quarter. Wexford Capital LP grew its position in Cleveland-Cliffs by 1,212.0% during the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock valued at $9,578,000 after purchasing an additional 941,284 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew 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 valued at $12,838,000 after purchasing an additional 1,090,237 shares in the last quarter. Finally, Fairfax Financial Holdings Ltd. Can purchased a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $55,453,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 3.6%

CLF stock traded up $0.3650 during trading hours on Friday, hitting $10.4350. The company's stock had a trading volume of 19,336,824 shares, compared to its average volume of 19,518,602. 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 market capitalization of $5.16 billion, a PE ratio of -3.06 and a beta of 1.99. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. The stock has a 50 day moving average price of $9.33 and a two-hundred day moving average price of $8.84.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its 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 the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 earnings per share. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on CLF shares. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research report on Wednesday, May 28th. JPMorgan Chase & Co. boosted 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. Citigroup boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Morgan Stanley boosted their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average 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.