International Assets Investment Management LLC Buys 54,235 Shares of Cleveland-Cliffs Inc. $CLF

International Assets Investment Management LLC increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 36.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 204,934 shares of the mining company’s stock after purchasing an additional 54,235 shares during the quarter. International Assets Investment Management LLC’s holdings in Cleveland-Cliffs were worth $1,557,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Cleveland-Cliffs by 10.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company’s stock valued at $37,779,000 after acquiring an additional 419,832 shares during the last quarter. Drexel Morgan & Co. raised its holdings in shares of Cleveland-Cliffs by 2.1% in the 1st quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company’s stock valued at $36,078,000 after purchasing an additional 88,680 shares during the period. Deutsche Bank AG lifted its stake in Cleveland-Cliffs by 16.1% in the 1st quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company’s stock valued at $33,906,000 after purchasing an additional 572,262 shares during the last quarter. Northern Trust Corp grew its holdings in 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 during the period. Finally, Allianz Asset Management GmbH increased its position in 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 buying an additional 2,232,799 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CLF has been the subject of a number of recent analyst reports. KeyCorp raised Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Tuesday, July 22nd. Citigroup increased their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Bank of America lifted their price objective on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a research report on Monday, September 15th. The Goldman Sachs Group increased their price objective on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research report on Thursday, October 9th. Finally, Morgan Stanley upped their price target 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. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $11.93.

Cleveland-Cliffs Stock Down 2.0%

CLF stock opened at $13.29 on Monday. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.51. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of -3.90 and a beta of 1.96. The business’s fifty day moving average price is $11.65 and its two-hundred day moving average price is $9.36.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the company posted $0.11 earnings per share. Cleveland-Cliffs’s revenue was up 7.5% compared to the same quarter last year. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share 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.