Drexel Morgan & Co. Increases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)
Drexel Morgan & Co. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.1% in Q1, owning 4,389,075 shares after acquiring an additional 88,680 shares. This investment represents 7.6% of Drexel's portfolio, valued at approximately $36 million. Other institutional investors also increased their stakes in Cleveland-Cliffs. Analysts have mixed ratings on the stock, with a consensus rating of "Hold" and an average price target of $11.09. Cleveland-Cliffs reported a quarterly EPS of ($0.50), exceeding estimates, with revenue of $4.93 billion.
Drexel Morgan & Co. boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 2.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,389,075 shares of the mining company's stock after buying an additional 88,680 shares during the period. Cleveland-Cliffs accounts for approximately 7.6% of Drexel Morgan & Co.'s holdings, making the stock its 2nd biggest position. Drexel Morgan & Co. owned about 0.89% of Cleveland-Cliffs worth $36,078,000 at the end of the most recent quarter.
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A number of other institutional investors have also bought and sold shares of CLF. Fairfax Financial Holdings Ltd. Can purchased a new stake in Cleveland-Cliffs in the 4th quarter worth $55,453,000. Norges Bank purchased a new stake in Cleveland-Cliffs in the 4th quarter worth $45,381,000. Slate Path Capital LP increased its stake in 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 worth $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Allianz Asset Management GmbH increased its stake in 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 buying an additional 2,232,799 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Cleveland-Cliffs by 69.5% in the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock worth $33,394,000 after buying an additional 1,456,236 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.
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Wall Street Analyst Weigh In
CLF has been the subject of a number of analyst reports. Citigroup increased their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Morgan Stanley increased their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group cut 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. B. Riley reiterated a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. raised their price objective on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $11.09.
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Insider Buying and Selling
In related news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, May 23rd. The stock was 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 in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.71% of the company's stock.
Cleveland-Cliffs Trading Up 0.2%
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Shares of Cleveland-Cliffs stock opened at $10.52 on Friday. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of -3.08 and a beta of 1.91. The business has a 50-day moving average price of $8.35 and a 200-day moving average price of $8.86. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $15.71.
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 the consensus estimate of ($0.68) by $0.18. The company 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%. The firm's revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $0.11 earnings per share. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.
Cleveland-Cliffs Profile
(Free Report)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.
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