Northwestern Mutual Wealth Management Co. Purchases Shares of 54,685 Cleveland-Cliffs Inc. $CLF

Northwestern Mutual Wealth Management Co. purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 54,685 shares of the mining company’s stock, valued at approximately $513,000.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. raised its position in shares of Cleveland-Cliffs by 95.4% during the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock valued at $2,560,000 after purchasing an additional 147,899 shares during the period. Quantinno Capital Management LP boosted its holdings in Cleveland-Cliffs by 68.0% in the 1st quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock worth $1,796,000 after buying an additional 86,036 shares during the period. SFE Investment Counsel bought a new position in Cleveland-Cliffs in the 2nd quarter worth $8,562,000. Vanguard Group Inc. increased its stake in Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in Cleveland-Cliffs by 23.0% in the 1st quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock worth $5,595,000 after buying an additional 123,660 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

CLF has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Barclays upped their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and boosted their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Finally, Bank of America dropped their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.96.

Cleveland-Cliffs Stock Up 0.5%

Shares of CLF opened at $11.58 on Thursday. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of -7.15 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1 year low of $7.73 and a 1 year high of $16.70. The business’s 50 day simple moving average is $10.91 and its 200-day simple moving average is $10.70. 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 for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. Cleveland-Cliffs’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.50) earnings per share. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Cleveland-Cliffs Company Profile

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.