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

Principal Financial Group Inc. trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 32.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,086,704 shares of the mining company’s stock after selling 519,485 shares during the period. Principal Financial Group Inc. owned about 0.23% of Cleveland-Cliffs worth $13,877,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake 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 period. AQR Capital Management LLC raised its position 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. International Assets Investment Management LLC lifted its stake in Cleveland-Cliffs by 1,893.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock valued at $156,800,000 after acquiring an additional 1,166,258 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after acquiring an additional 1,069,907 shares during the last quarter. Finally, WINTON GROUP Ltd grew its stake in shares of Cleveland-Cliffs by 1,650.8% during the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock worth $13,458,000 after acquiring an additional 824,518 shares in the last quarter. 67.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CLF. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. 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 lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Performance

CLF opened at $11.04 on Friday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The business has a 50 day moving average of $12.60 and a 200-day moving average of $14.27. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of -11.38 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current 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.