Royal Bank of Canada Increases Stock Position 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 stake 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 and Exchange Commission. The firm 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 0.41% of Cleveland-Cliffs worth $16,634,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 10.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company's stock worth $37,779,000 after purchasing an additional 419,832 shares during the period. Drexel Morgan & Co. lifted its position in shares of Cleveland-Cliffs by 2.1% in the 1st quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company's stock worth $36,078,000 after purchasing an additional 88,680 shares during the period. Deutsche Bank AG lifted its position in shares of Cleveland-Cliffs by 16.1% in the 1st quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company's stock worth $33,906,000 after purchasing an additional 572,262 shares during the period. Northern Trust Corp lifted its position in shares of Cleveland-Cliffs by 1.4% in the 1st quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company's stock worth $32,999,000 after purchasing an additional 54,244 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of 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 worth $29,225,000 after purchasing an additional 2,232,799 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Citigroup raised their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research report on Wednesday, May 28th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. Morgan Stanley lifted their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price target 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. 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs Trading Down 1.8%

Shares of NYSE CLF opened at $10.82 on Wednesday. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The stock has a market cap of $5.35 billion, a P/E ratio of -3.17 and a beta of 1.93. The firm has a 50-day moving average of $10.14 and a 200 day moving average of $8.79. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results 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. The company 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%. Cleveland-Cliffs's revenue was up 7.5% on a year-over-year basis. During the same period last year, the company posted $0.11 EPS. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.