Cleveland-Cliffs Inc. $CLF Shares Acquired by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 780.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 469,899 shares of the mining company’s stock after purchasing an additional 416,510 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Cleveland-Cliffs were worth $6,240,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares during the period. State Street Corp lifted its holdings in shares of Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after buying an additional 4,603,807 shares during the period. Citigroup Inc. lifted its holdings in shares of Cleveland-Cliffs by 17.5% in the 3rd quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after buying an additional 1,195,035 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Cleveland-Cliffs by 200.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after buying an additional 4,222,528 shares during the period. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs by 960.4% in the 3rd quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock valued at $57,136,000 after buying an additional 4,241,582 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CLF. KeyCorp initiated coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price target on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Wells Fargo & Company cut their price target on Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. Citigroup lifted their price target on Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $11.49.

Cleveland-Cliffs Price Performance

NYSE:CLF opened at $11.19 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70. The stock has a 50 day moving average of $9.47 and a two-hundred day moving average of $11.32. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The firm has a market cap of $6.38 billion, a P/E ratio of -4.78 and a beta of 2.00.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.04. The company had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.Cleveland-Cliffs’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.92) EPS. On average, analysts expect that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current fiscal year.

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.