Nuveen LLC Buys Shares of 1,145,460 Cleveland-Cliffs Inc. $CLF

Key Points

• Nuveen LLC has acquired a significant stake in Cleveland-Cliffs Inc., purchasing 1,145,460 shares valued at approximately $9.4 million, representing 0.23% of the company's total shares.
• Other institutional investors have also increased their holdings, with Wexford Capital LP raising its stake by 1,212% and UBS AM increasing theirs by 22.9%.
• Cleveland-Cliffs reported a negative EPS of ($0.50) for the last quarter but exceeded revenue expectations with earnings of $4.93 billion.

Nuveen LLC purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,145,460 shares of the mining company's stock, valued at approximately $9,416,000. Nuveen LLC owned 0.23% of Cleveland-Cliffs as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cleveland-Cliffs in the first quarter worth $36,000. Fifth Third Bancorp boosted its stake in shares of Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after purchasing an additional 1,664 shares in the last quarter. Byrne Asset Management LLC raised its holdings in shares of Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after buying an additional 5,579 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Cleveland-Cliffs by 61.6% in the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company's stock valued at $71,000 after buying an additional 3,285 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CLF shares. Citigroup boosted their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $10.96.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $0.16 during trading hours on Friday, hitting $10.72. 13,800,643 shares of the company were exchanged, compared to its average volume of 17,143,980. The company has a market cap of $5.30 billion, a price-to-earnings ratio of -3.14 and a beta of 1.99. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.34. 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 firm's fifty day moving average is $9.67 and its 200 day moving average is $8.84.

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

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.