Dimensional Fund Advisors LP Boosts Stock Position in Cleveland-Cliffs Inc. $CLF

Dimensional Fund Advisors LP raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,489,207 shares of the mining company’s stock after acquiring an additional 925,031 shares during the quarter. Dimensional Fund Advisors LP owned approximately 2.72% of Cleveland-Cliffs worth $130,873,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Focus Partners Wealth purchased a new stake in Cleveland-Cliffs in the 1st quarter valued at about $339,000. Prudential Financial Inc. grew its stake in Cleveland-Cliffs by 27.4% in the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock worth $380,000 after acquiring an additional 10,733 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Cleveland-Cliffs by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock worth $1,088,000 after acquiring an additional 6,073 shares during the period. CW Advisors LLC increased its position in shares of Cleveland-Cliffs by 47.4% during the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock worth $168,000 after acquiring an additional 7,127 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Cleveland-Cliffs by 20.3% during the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock valued at $23,417,000 after acquiring an additional 520,120 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wells Fargo & Company reiterated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their target price for the stock from $15.01 to $15.60 in a report on Friday. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday. Bank of America cut their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.86.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $12.23 on Tuesday. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The stock’s 50-day moving average is $11.32 and its 200 day moving average is $11.01. The company has a market cap of $6.98 billion, a P/E ratio of -7.55 and a beta of 2.13. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.50) earnings per share. Research analysts predict that Cleveland-Cliffs Inc. will post -0.15 earnings per share for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.