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. decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 6.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,279,232 shares of the mining company's stock after selling 220,412 shares during the quarter. 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 large investors also recently modified their holdings of CLF. Jump Financial LLC lifted its stake in shares of Cleveland-Cliffs by 362.5% during the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock valued at $24,661,000 after buying an additional 2,351,372 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after acquiring an additional 2,232,799 shares during the last quarter. Deutsche Bank AG increased its holdings in Cleveland-Cliffs by 69.5% in the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock valued at $33,394,000 after acquiring an additional 1,456,236 shares during the last quarter. Nuveen LLC bought a new stake in Cleveland-Cliffs in the 1st quarter valued at $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Cleveland-Cliffs by 231.2% in the 1st 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 acquiring an additional 1,090,237 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 4.4%

CLF stock traded up $0.50 during mid-day trading on Thursday, reaching $11.87. The company had a trading volume of 18,625,010 shares, compared to its average volume of 24,428,982. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The company has a market capitalization of $5.87 billion, a PE ratio of -3.49 and a beta of 1.93. The firm has a 50 day moving average of $10.19 and a 200 day moving average of $8.80. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion for 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 prior year, the firm earned $0.11 EPS. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CLF shares. KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target on the stock in a report on Tuesday, July 22nd. Glj Research downgraded 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 report on Wednesday, May 28th. Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their target price 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. Finally, Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average 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.