Universal Beteiligungs und Servicegesellschaft mbH Makes New $1.07 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 130,620 shares of the mining company’s stock, valued at approximately $1,074,000.

A number of other large investors also recently added to or reduced their stakes in CLF. Fairfax Financial Holdings Ltd. Can purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $55,453,000. Norges Bank purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $45,381,000. Slate Path Capital LP grew its holdings in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Allianz Asset Management GmbH grew its holdings 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 buying an additional 2,232,799 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Cleveland-Cliffs by 69.5% during the fourth quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company’s stock worth $33,394,000 after buying an additional 1,456,236 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Down 4.4%

Shares of CLF opened at $10.06 on Friday. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $14.38. The firm has a 50-day moving average price of $8.42 and a 200 day moving average price of $8.86. The firm has a market capitalization of $4.98 billion, a P/E ratio of -2.95 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. KeyCorp raised shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a report on Tuesday, July 22nd. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. B. Riley reissued a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.09.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the transaction, the executive vice president owned 492,249 shares of the company’s stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.71% of the stock is currently owned by company insiders.

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.