UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 73,630 Shares of Cleveland-Cliffs Inc. $CLF

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,258,756 shares of the mining company’s stock after buying an additional 73,630 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.22% of Cleveland-Cliffs worth $11,820,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Van ECK Associates Corp raised its stake in Cleveland-Cliffs by 3.8% during the 2nd quarter. Van ECK Associates Corp now owns 299,900 shares of the mining company’s stock worth $2,816,000 after buying an additional 10,938 shares during the period. Hsbc Holdings PLC grew its stake in Cleveland-Cliffs by 503.4% in the second quarter. Hsbc Holdings PLC now owns 780,612 shares of the mining company’s stock valued at $7,437,000 after acquiring an additional 651,234 shares during the period. Archer Investment Corp bought a new stake in shares of Cleveland-Cliffs in the second quarter worth about $448,000. Kingsview Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter worth about $145,000. Finally, Beacon Pointe Advisors LLC acquired a new stake in shares of Cleveland-Cliffs during the second quarter worth about $324,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 0.1%

NYSE:CLF opened at $12.49 on Monday. The company has a market cap of $7.13 billion, a P/E ratio of -7.71 and a beta of 2.10. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The business has a 50 day moving average price of $11.01 and a two-hundred day moving average price of $10.70. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same period last year, the company earned ($0.50) earnings per share. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, August 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Glj Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and lifted their price target for the company from $15.01 to $15.60 in a research note on Friday, July 24th. Bank of America reduced their price target on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, July 9th. Finally, Barclays increased their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.96.

About Cleveland-Cliffs

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.