Nuveen LLC Takes Position in 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 1st quarter, according to its most recent disclosure 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 about 0.23% of Cleveland-Cliffs as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cleveland-Cliffs by 22.9% in the fourth 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 purchasing an additional 242,386 shares during the last quarter. Twelve Points Wealth Management LLC grew its position in shares of Cleveland-Cliffs by 51.7% in 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 during the last quarter. Wexford Capital LP grew its position in shares of Cleveland-Cliffs by 1,212.0% in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Cleveland-Cliffs by 231.2% in 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 during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $55,453,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

CLF traded down $0.07 during midday trading on Thursday, reaching $10.73. 8,714,829 shares of the company's stock were exchanged, compared to its average volume of 24,842,387. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of -3.15 and a beta of 1.99. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.34. The business has a 50-day simple moving average of $9.52 and a two-hundred day simple moving average of $8.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly 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 firm had revenue of $4.93 billion during the quarter, compared to analysts' expectations 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 quarter last year, the company earned $0.11 earnings per share. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CLF. Morgan Stanley lifted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a research report on Tuesday, July 22nd. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Citigroup lifted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Three equities research analysts have rated the stock with 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, the company presently has a consensus rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs 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.