Vanguard Group Inc. Buys 6,447,462 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Vanguard Group increased its stake in Cleveland‑Cliffs by 13.4%, buying 6,447,462 shares to hold 54,391,397 shares (10.99%) valued at ~$722.3 million after the Q4 13F filing.
• Cleveland‑Cliffs reported Q1 EPS of ($0.40) beating estimates and revenue of $4.92 billion (up 6.3% YoY), but the company still posted negative net margin and ROE and analysts expect roughly −0.42 EPS for the fiscal year with an average target of $11.77.
• Insider activity was mixed: CEO Lourenco Goncalves sold 3,000,000 shares for about $37.26 million while director Edilson Camara bought 19,700 shares, and institutional investors now own ~67.68% of the stock.

Vanguard Group Inc. raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 13.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,391,397 shares of the mining company's stock after purchasing an additional 6,447,462 shares during the period. Vanguard Group Inc. owned 10.99% of Cleveland-Cliffs worth $722,318,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Arizona State Retirement System boosted its holdings in shares of Cleveland-Cliffs by 7.9% during the 4th quarter. Arizona State Retirement System now owns 157,985 shares of the mining company's stock valued at $2,098,000 after purchasing an additional 11,611 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Cleveland-Cliffs by 5.1% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 157,583 shares of the mining company's stock valued at $2,139,000 after purchasing an additional 7,715 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cleveland-Cliffs by 23.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,824 shares of the mining company's stock valued at $2,282,000 after purchasing an additional 32,402 shares during the last quarter. Friedenthal Financial bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at about $1,019,000. Finally, United Advisor Group LLC boosted its holdings in shares of Cleveland-Cliffs by 35.1% during the 4th quarter. United Advisor Group LLC now owns 13,952 shares of the mining company's stock valued at $185,000 after purchasing an additional 3,622 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Down 0.0%

Shares of NYSE CLF opened at $10.51 on Monday. The firm's 50-day moving average price is $9.39 and its 200-day moving average price is $11.58. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of -4.49 and a beta of 2.00. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.04. The firm had revenue of $4.92 billion for the quarter, compared to analysts' expectations of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business's revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.92) EPS. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.42 EPS for the current fiscal year.

Insider Activity

In other Cleveland-Cliffs news, Director Edilson Camara bought 19,700 shares of the firm's stock in a transaction dated Friday, February 13th. The shares were purchased at an average cost of $10.13 per share, for a total transaction of $199,561.00. Following the transaction, the director owned 41,983 shares of the company's stock, valued at $425,287.79. This represents a 88.41% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Lourenco Goncalves sold 3,000,000 shares of the stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $12.42, for a total transaction of $37,260,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.95% of the company's stock.

Analysts Set New Price Targets

CLF has been the subject of several research reports. Wall Street Zen raised shares of Cleveland-Cliffs from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. KeyCorp initiated coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They set a "sector weight" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 21st. Finally, Argus upgraded shares of Cleveland-Cliffs to a "hold" rating in a research report on Monday, April 6th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $11.77.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.

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