Deutsche Bank AG Purchases 1,456,236 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Deutsche Bank AG increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 69.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,552,516 shares of the mining company’s stock after buying an additional 1,456,236 shares during the quarter. Deutsche Bank AG’s holdings in Cleveland-Cliffs were worth $33,394,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Collar Capital Management LLC bought a new position in Cleveland-Cliffs in the fourth quarter valued at $1,761,000. Cresset Asset Management LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth about $95,000. Brevan Howard Capital Management LP boosted its position in Cleveland-Cliffs by 505.4% during the fourth quarter. Brevan Howard Capital Management LP now owns 618,048 shares of the mining company’s stock valued at $5,810,000 after purchasing an additional 515,951 shares during the last quarter. Bridgefront Capital LLC bought a new position in Cleveland-Cliffs in the fourth quarter valued at approximately $200,000. Finally, Captrust Financial Advisors increased its position in shares of Cleveland-Cliffs by 20.1% during the 4th quarter. Captrust Financial Advisors now owns 11,988 shares of the mining company’s stock worth $113,000 after purchasing an additional 2,010 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of several recent analyst reports. Glj Research cut their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley reduced their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, B. Riley restated a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $15.02.

Insider Activity at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP Keith Koci acquired 9,500 shares of the company’s stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This trade represents a 1.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 23,500 shares of company stock worth $243,095 in the last ninety days. 1.71% of the stock is owned by company insiders.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $7.57 on Wednesday. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.10. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -7.80 and a beta of 2.03. The company has a 50-day simple moving average of $8.27 and a 200 day simple moving average of $10.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Cleveland-Cliffs Company Profile

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.