Amundi Has $2.66 Million Stake in Cleveland-Cliffs Inc. $CLF

Amundi trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 323,183 shares of the mining company’s stock after selling 4,141 shares during the period. Amundi owned approximately 0.07% of Cleveland-Cliffs worth $2,657,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 10.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company’s stock worth $37,779,000 after purchasing an additional 419,832 shares in the last quarter. Drexel Morgan & Co. lifted its position in shares of Cleveland-Cliffs by 2.1% during the first quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company’s stock worth $36,078,000 after purchasing an additional 88,680 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Cleveland-Cliffs by 16.1% during the first quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company’s stock worth $33,906,000 after purchasing an additional 572,262 shares in the last quarter. Northern Trust Corp lifted its position in shares of Cleveland-Cliffs by 1.4% during the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after purchasing an additional 54,244 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in shares of Cleveland-Cliffs by 168.8% during the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company’s stock worth $29,225,000 after purchasing an additional 2,232,799 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CLF shares. KeyCorp upgraded shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a research report on Tuesday, July 22nd. Wells Fargo & Company upgraded shares of Cleveland-Cliffs to a “hold” rating in a research report on Thursday, August 14th. Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Finally, Citigroup raised their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.96.

Cleveland-Cliffs Stock Up 4.0%

Shares of NYSE CLF opened at $11.82 on Friday. The stock has a market cap of $5.85 billion, a P/E ratio of -3.47 and a beta of 1.93. The firm has a 50 day moving average price of $10.26 and a 200 day moving average price of $8.81. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 earnings per share. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

About Cleveland-Cliffs

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.