Universal Beteiligungs und Servicegesellschaft mbH Acquires Shares of 130,620 Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH invested approximately $1.07 million in Cleveland-Cliffs Inc. by acquiring 130,620 shares during the first quarter.
• Following recent earnings results, analysts updated their ratings on Cleveland-Cliffs with targets ranging from $3.91 to $17.00, reflecting a mix of buy, hold, and sell sentiments.
• Cleveland-Cliffs reported a quarterly loss of ($0.50) earnings per share, though revenue of $4.93 billion exceeded expectations, marking a 7.5% increase year-over-year.

Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 130,620 shares of the mining company's stock, valued at approximately $1,074,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Summit Investment Advisors Inc. increased its stake in shares of Cleveland-Cliffs by 1.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company's stock worth $911,000 after purchasing an additional 932 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Cleveland-Cliffs by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock worth $1,115,000 after buying an additional 1,200 shares during the last quarter. Ancora Advisors LLC raised its position in Cleveland-Cliffs by 5.4% during the fourth quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock valued at $267,000 after purchasing an additional 1,450 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Cleveland-Cliffs by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock valued at $465,000 after acquiring an additional 1,475 shares during the period. Finally, Hunter Associates Investment Management LLC lifted its stake in shares of Cleveland-Cliffs by 3.1% during the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock worth $406,000 after acquiring an additional 1,500 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CLF shares. The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Morgan Stanley raised their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Citigroup lifted 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. Finally, KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average target price of $11.09.

Insider Activity

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares of the company's stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.76% of the company's stock.

Cleveland-Cliffs Trading Down 3.1%

Cleveland-Cliffs stock traded down $0.30 during trading on Wednesday, hitting $9.36. The company had a trading volume of 14,049,896 shares, compared to its average volume of 25,746,926. The company's 50 day simple moving average is $8.55 and its 200-day simple moving average is $8.84. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -2.74 and a beta of 1.99.

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, beating analysts' consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion during 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 revenue was up 7.5% compared to the same quarter last year. During the same period last year, the business posted $0.11 earnings per share. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal 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.