Charles Schwab Investment Management Inc. Acquires 121,389 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Charles Schwab Investment Management Inc. grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,751,153 shares of the mining company’s stock after acquiring an additional 121,389 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cleveland-Cliffs were worth $47,902,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Altshuler Shaham Ltd acquired a new stake in Cleveland-Cliffs during the 2nd quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs during the 2nd quarter worth approximately $31,000. Gradient Investments LLC lifted its position in shares of Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the period. Finally, Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs during the third quarter worth $34,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the topic of several recent analyst reports. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Citigroup dropped their price target 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. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Stock Up 2.6 %

Shares of CLF opened at $12.45 on Monday. The firm has a market cap of $6.15 billion, a P/E ratio of -12.84 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The stock has a 50 day simple moving average of $12.69 and a two-hundred day simple moving average of $13.90. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period last year, the company posted $0.54 EPS. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal 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.