MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 220,412 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Cleveland-Cliffs Inc. by 6.3%, owning approximately 0.66% of the company valued at $26.96 million as of the latest SEC filing.
• Several large investors, including Northern Trust Corp and Deutsche Bank AG, have significantly increased their positions in Cleveland-Cliffs throughout the last quarter, signaling a strong interest among institutional investors.
• Analysts have mixed sentiments about Cleveland-Cliffs stock, with upgrades from KeyCorp and Morgan Stanley but a downgrade from Glj Research, leading to a consensus rating of "Hold".

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 6.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,279,232 shares of the mining company's stock after selling 220,412 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.66% of Cleveland-Cliffs worth $26,956,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cleveland-Cliffs by 10.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company's stock worth $37,779,000 after acquiring an additional 419,832 shares during the period. Drexel Morgan & Co. boosted its holdings in shares of Cleveland-Cliffs by 2.1% during the first quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company's stock worth $36,078,000 after acquiring an additional 88,680 shares during the period. Deutsche Bank AG boosted its holdings in shares of Cleveland-Cliffs by 16.1% during the first quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company's stock worth $33,906,000 after acquiring an additional 572,262 shares during the period. Northern Trust Corp boosted its holdings in shares of Cleveland-Cliffs by 1.4% during the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company's stock worth $32,999,000 after acquiring an additional 54,244 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Cleveland-Cliffs by 168.8% during the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after acquiring an additional 2,232,799 shares during the period. Institutional investors own 67.68% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price target on 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 target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Glj Research downgraded 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. Finally, Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of "Hold" and a consensus price target of $10.96.

Cleveland-Cliffs Price Performance

NYSE CLF traded up $0.07 on Friday, hitting $11.86. 9,538,248 shares of the company's stock were exchanged, compared to its average volume of 24,377,689. The stock has a 50-day moving average of $10.26 and a 200-day moving average of $8.81. 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 Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of -3.48 and a beta of 1.93.

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 the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the prior year, the company earned $0.11 earnings per share. The company's quarterly revenue was up 7.5% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.