Raymond James Financial Inc. Lowers Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Raymond James Financial Inc. reduced its holdings in Cleveland-Cliffs Inc. by 15.9%, now owning approximately 0.14% of the company valued at $5.76 million.
• Multiple institutional investors, including Fairfax Financial Holdings Ltd. and Allianz Asset Management, have either increased or initiated new stakes in Cleveland-Cliffs recently.
• Analysts have mixed views on Cleveland-Cliffs, with an average rating of "Hold" and a target price of $10.96 as various firms adjust their price targets based on recent performance.

Raymond James Financial Inc. trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 15.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 700,765 shares of the mining company's stock after selling 132,765 shares during the quarter. Raymond James Financial Inc. owned about 0.14% of Cleveland-Cliffs worth $5,760,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can bought a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $55,453,000. Allianz Asset Management GmbH lifted its position in 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 valued at $29,225,000 after purchasing an additional 2,232,799 shares during the last quarter. Deutsche Bank AG lifted its position in Cleveland-Cliffs by 69.5% during the fourth quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock valued at $33,394,000 after purchasing an additional 1,456,236 shares during the last quarter. Nuveen LLC purchased a new position in Cleveland-Cliffs in the 1st quarter worth approximately $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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 worth $12,838,000 after buying an additional 1,090,237 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on CLF shares. JPMorgan Chase & Co. raised 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. 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 note on Tuesday, July 22nd. The Goldman Sachs Group lowered their price target 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. Citigroup upped 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. Finally, Wells Fargo & Company upgraded 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 given a Sell rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of "Hold" and an average target price of $10.96.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $10.46 on Thursday. The firm has a fifty day simple moving average of $9.88 and a two-hundred day simple moving average of $8.83. 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 twelve month low of $5.63 and a twelve month high of $14.34. The company has a market capitalization of $5.17 billion, a PE ratio of -3.07 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the firm earned $0.11 earnings per share. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS 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.

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