Charles Schwab Investment Management Inc. Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 11.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 4,176,194 shares of the mining company’s stock after purchasing an additional 425,041 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.85% of Cleveland-Cliffs worth $39,256,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after buying an additional 1,236,247 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC purchased a new stake in Cleveland-Cliffs during the 4th quarter worth $18,999,000. Janus Henderson Group PLC boosted its position in Cleveland-Cliffs by 987.0% during the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new stake in Cleveland-Cliffs in the 3rd quarter valued at $22,122,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 7.1 %

CLF opened at $10.42 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $8.50 and a 12-month high of $22.97. 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 stock has a market capitalization of $5.15 billion, a PE ratio of -10.74 and a beta of 1.94. The firm’s fifty day moving average price is $10.40 and its 200 day moving average price is $11.41.

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

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 23,500 shares of company stock valued at $243,095 over the last three months. 1.76% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CLF shares. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Glj Research reduced their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $16.43.

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.