Dimensional Fund Advisors LP Grows Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Dimensional Fund Advisors LP increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 54.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,906,597 shares of the mining company’s stock after purchasing an additional 5,621,797 shares during the quarter. Dimensional Fund Advisors LP owned 3.35% of Cleveland-Cliffs worth $244,794,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CLF. Janney Montgomery Scott LLC purchased a new position in shares of Cleveland-Cliffs in the 4th quarter worth $3,538,000. Quadrant Capital Group LLC grew its stake in shares of Cleveland-Cliffs by 101.8% during the 4th quarter. Quadrant Capital Group LLC now owns 4,608 shares of the mining company’s stock valued at $94,000 after purchasing an additional 2,324 shares during the period. Kingsview Wealth Management LLC grew its stake in shares of Cleveland-Cliffs by 10.8% during the 4th quarter. Kingsview Wealth Management LLC now owns 11,561 shares of the mining company’s stock valued at $236,000 after purchasing an additional 1,124 shares during the period. Norges Bank purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $117,585,000. Finally, Corient Private Wealth LLC bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth approximately $697,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 2.3 %

CLF stock opened at $11.54 on Thursday. The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 21.57 and a beta of 1.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The business has a 50 day simple moving average of $13.58 and a two-hundred day simple moving average of $16.67.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period last year, the company posted $0.69 earnings per share. Research analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on CLF shares. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday. B. Riley reissued a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup decreased their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs 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.