Principal Financial Group Inc. Has $13.88 Million Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Principal Financial Group Inc. lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 32.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,086,704 shares of the mining company’s stock after selling 519,485 shares during the period. Principal Financial Group Inc. owned approximately 0.22% of Cleveland-Cliffs worth $13,877,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CLF. Pacer Advisors Inc. boosted its position in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after buying an additional 5,621,797 shares during the period. AQR Capital Management LLC grew its stake in 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 buying an additional 2,027,757 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cleveland-Cliffs by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after acquiring an additional 121,389 shares during the period. Finally, Drexel Morgan & Co. lifted its position in Cleveland-Cliffs by 3.8% during the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after acquiring an additional 116,400 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.2 %

Shares of CLF stock opened at $9.24 on Friday. The firm has a fifty day moving average of $11.83 and a 200-day moving average of $13.06. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of -9.53 and a beta of 1.92. Cleveland-Cliffs Inc. has a 52-week low of $9.13 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period last year, the company earned $0.54 EPS. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CLF. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.22.

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.