UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $11.82 Million Stock Holdings in Cleveland-Cliffs Inc. $CLF

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.2% in the second quarter, Holdings Channel reports. The firm owned 1,258,756 shares of the mining company’s stock after acquiring an additional 73,630 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Cleveland-Cliffs were worth $11,820,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. increased its holdings in Cleveland-Cliffs by 95.4% during the first quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock worth $2,560,000 after buying an additional 147,899 shares during the last quarter. Quantinno Capital Management LP raised its stake in Cleveland-Cliffs by 68.0% in the first quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock valued at $1,796,000 after buying an additional 86,036 shares during the period. SFE Investment Counsel bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at $8,562,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cleveland-Cliffs in the second quarter valued at about $505,000. Finally, California State Teachers Retirement System lifted its position in Cleveland-Cliffs by 23.0% during the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock worth $5,595,000 after acquiring an additional 123,660 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $12.49 on Monday. The business has a 50-day simple moving average of $11.01 and a 200 day simple moving average of $10.70. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of -7.71 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. During the same quarter in the prior year, the company earned ($0.50) earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Glj Research raised Cleveland-Cliffs from a “hold” rating to a “buy” rating and lifted their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Bank of America lowered their price objective 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. JPMorgan Chase & Co. dropped their price target 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. Finally, Barclays boosted their target price on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.96.

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.