Vontobel Holding Ltd. Boosts Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Vontobel Holding Ltd. boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 103.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,892 shares of the mining company’s stock after purchasing an additional 12,649 shares during the quarter. Vontobel Holding Ltd.’s holdings in Cleveland-Cliffs were worth $318,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CLF. Dimensional Fund Advisors LP lifted its holdings in shares of Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock valued at $93,172,000 after acquiring an additional 2,027,757 shares during the period. Bank of New York Mellon Corp raised its position in Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after purchasing an additional 1,069,907 shares during the last quarter. WINTON GROUP Ltd raised its holdings in shares of Cleveland-Cliffs by 1,650.8% in the second quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after buying an additional 824,518 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Cleveland-Cliffs by 169.5% during the second quarter. Marshall Wace LLP now owns 1,166,968 shares of the mining company’s stock worth $17,960,000 after buying an additional 733,902 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CLF shares. B. Riley reissued a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Bank of America dropped their target price 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. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $13.46 on Wednesday. The company has a current ratio of 1.87, a quick ratio of 0.60 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 company has a market capitalization of $6.40 billion, a P/E ratio of 18.19 and a beta of 1.98. The firm has a 50-day moving average price of $12.60 and a two-hundred day moving average price of $15.18.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter last year, the business posted $0.69 earnings per share. Cleveland-Cliffs’s revenue was down 14.9% compared to the same quarter last year. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.23 earnings per share for the current fiscal year.

Cleveland-Cliffs 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.