Vontobel Holding Ltd. Acquires 36,923 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Vontobel Holding Ltd. increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 71.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,942 shares of the mining company's stock after buying an additional 36,923 shares during the period. Vontobel Holding Ltd.'s holdings in Cleveland-Cliffs were worth $731,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock valued at $199,724,000 after acquiring an additional 647,282 shares during the last quarter. Slate Path Capital LP increased its stake in shares of Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC increased its stake in Cleveland-Cliffs by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after purchasing an additional 264,078 shares in the last quarter. Finally, Fairfax Financial Holdings Ltd. Can bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth about $55,453,000. Institutional investors own 67.68% of the company's stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the transaction, the executive vice president owned 492,249 shares of the company's stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.71% of the company's stock.

Cleveland-Cliffs Stock Down 0.2%

Shares of NYSE CLF traded down $0.02 during mid-day trading on Wednesday, hitting $8.87. The company had a trading volume of 8,400,529 shares, compared to its average volume of 19,217,215. The company has a market capitalization of $4.38 billion, a PE ratio of -3.63 and a beta of 1.91. The firm has a 50-day simple moving average of $7.51 and a two-hundred day simple moving average of $8.78. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.47.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The firm's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

CLF has been the subject of a number of research reports. B. Riley reissued a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Morgan Stanley increased their target price on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a report on Friday, June 20th. Finally, Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.23.

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.