Royal Bank of Canada Boosts Stock Holdings in Cleveland-Cliffs Inc. $CLF

Key Points

• Royal Bank of Canada increased its stake in Cleveland-Cliffs Inc. by 61.2% during the first quarter, now owning over 2 million shares valued at $16.6 million.
• Multiple institutional investors have also increased their holdings, with 67.68% of the stock owned by hedge funds and institutional investors.
• Analysts have mixed ratings for Cleveland-Cliffs, with a consensus rating of "Hold" and an average price target of $10.96.

Royal Bank of Canada lifted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 61.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,023,661 shares of the mining company's stock after purchasing an additional 767,954 shares during the period. Royal Bank of Canada owned about 0.41% of Cleveland-Cliffs worth $16,634,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cleveland-Cliffs during the 1st quarter worth approximately $36,000. Fifth Third Bancorp increased its stake in Cleveland-Cliffs by 36.6% during the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after buying an additional 1,664 shares in the last quarter. Byrne Asset Management LLC increased its stake in Cleveland-Cliffs by 38.1% during the 1st quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after buying an additional 1,753 shares in the last quarter. UMB Bank n.a. increased its stake in Cleveland-Cliffs by 243.2% during the 1st quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after buying an additional 5,579 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in Cleveland-Cliffs by 408,600.0% during the 1st quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock worth $67,000 after buying an additional 8,172 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Trading Up 1.9%

NYSE:CLF traded up $0.22 during trading hours on Monday, reaching $11.90. 22,849,587 shares of the stock were exchanged, compared to its average volume of 15,782,934. 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 business has a 50-day moving average of $10.38 and a two-hundred day moving average of $8.80. 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 $5.89 billion, a price-to-earnings ratio of -3.49 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released 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. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the prior year, the firm earned $0.11 earnings per share. The firm's revenue was up 7.5% compared to the same quarter last year. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CLF. Glj Research cut 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 Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Citigroup boosted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company boosted their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Monday. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of "Hold" and an average target price of $11.24.

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.