Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,114,888 shares of the mining company’s stock after acquiring an additional 28,184 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Cleveland-Cliffs worth $10,480,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. DekaBank Deutsche Girozentrale lifted its stake in shares of Cleveland-Cliffs by 3.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock worth $515,000 after acquiring an additional 1,237 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Cleveland-Cliffs by 11.0% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 13,270 shares of the mining company’s stock worth $125,000 after acquiring an additional 1,313 shares in the last quarter. Strengthening Families & Communities LLC lifted its stake in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after acquiring an additional 1,490 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of Cleveland-Cliffs by 3.8% in the third quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock worth $518,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Archer Investment Corp increased its holdings in Cleveland-Cliffs by 25.8% in the third quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock valued at $100,000 after buying an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.9 %

Cleveland-Cliffs stock opened at $10.83 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -11.16 and a beta of 1.96. Cleveland-Cliffs Inc. has a one year low of $8.99 and a one year high of $22.97. The company’s fifty day moving average price is $10.31 and its two-hundred day moving average price is $11.66.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jane M. Cronin purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. The trade was a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Keith Koci purchased 9,500 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CLF shares. Glj Research lowered their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday. Citigroup decreased their price objective 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 started coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley cut their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $16.54.

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.