Deutsche Bank AG Increases Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Deutsche Bank AG boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) by 242.8% during the second quarter, HoldingsChannel reports. The firm owned 1,778,737 shares of the mining company’s stock after buying an additional 1,259,826 shares during the period. Deutsche Bank AG’s holdings in Cleveland-Cliffs were worth $27,339,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CLF. S.A. Mason LLC purchased a new stake in Cleveland-Cliffs in the second quarter valued at approximately $25,000. First Eagle Investment Management LLC purchased a new stake in Cleveland-Cliffs in the first quarter valued at approximately $30,000. Gradient Investments LLC raised its stake in Cleveland-Cliffs by 55.6% in the second quarter. Gradient Investments LLC now owns 2,179 shares of the mining company’s stock valued at $33,000 after purchasing an additional 779 shares in the last quarter. Lazard Asset Management LLC raised its stake in Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after purchasing an additional 746 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs during the second quarter worth approximately $42,000. 61.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $14.50 to $13.60 and set an “equal weight” rating on the stock in a research note on Wednesday, October 26th. Argus decreased their price target on shares of Cleveland-Cliffs from $33.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, September 28th. The Goldman Sachs Group decreased their price target on shares of Cleveland-Cliffs from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, October 6th. Citigroup lifted their price target on shares of Cleveland-Cliffs to $20.00 in a research note on Tuesday, September 13th. Finally, Exane BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 target price on the stock. in a report on Tuesday, October 18th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $20.42.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $15.90 on Friday. The stock has a market cap of $8.19 billion, a P/E ratio of 3.45 and a beta of 2.18. The firm’s fifty day simple moving average is $14.49 and its 200 day simple moving average is $17.10. Cleveland-Cliffs Inc. has a twelve month low of $11.82 and a twelve month high of $34.04. The company has a quick ratio of 0.78, a current ratio of 2.33 and a debt-to-equity ratio of 0.62.

Cleveland-Cliffs (NYSE:CLFGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.39). The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.79 billion. Cleveland-Cliffs had a net margin of 10.48% and a return on equity of 40.41%. The business’s revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.33 EPS. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 3.04 EPS for the current year.

Cleveland-Cliffs Company Profile

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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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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