Northwestern Mutual Wealth Management Co. Lowers Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Northwestern Mutual Wealth Management Co. lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 19.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,700 shares of the mining company’s stock after selling 6,850 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Cleveland-Cliffs were worth $426,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Creative Planning increased its holdings in shares of Cleveland-Cliffs by 39.2% during the second quarter. Creative Planning now owns 118,761 shares of the mining company’s stock valued at $1,828,000 after acquiring an additional 33,415 shares in the last quarter. MidWestOne Financial Group Inc. raised its holdings in Cleveland-Cliffs by 13.8% in the second quarter. MidWestOne Financial Group Inc. now owns 106,504 shares of the mining company’s stock worth $1,639,000 after buying an additional 12,908 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Cleveland-Cliffs in the second quarter worth about $552,000. Maverick Capital Ltd. lifted its stake in shares of Cleveland-Cliffs by 352.9% in the second quarter. Maverick Capital Ltd. now owns 55,871 shares of the mining company’s stock worth $860,000 after buying an additional 43,536 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new stake in shares of Cleveland-Cliffs during the second quarter valued at approximately $565,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CLF. Bank of America dropped their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, B. Riley restated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Down 2.0 %

CLF stock opened at $12.72 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The stock has a market cap of $6.05 billion, a P/E ratio of 17.19 and a beta of 1.98. The business’s 50-day moving average price is $12.67 and its 200-day moving average price is $15.82.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue was down 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.69 EPS. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.03 EPS for the current 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.