Northwestern Mutual Wealth Management Co. Acquires 416,510 Shares of Cleveland-Cliffs Inc. $CLF

Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 780.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 469,899 shares of the mining company’s stock after purchasing an additional 416,510 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 0.09% of Cleveland-Cliffs worth $6,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Strengthening Families & Communities LLC increased its position in Cleveland-Cliffs by 4,315.6% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,942 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after purchasing an additional 2,392 shares during the last quarter. Deseret Mutual Benefit Administrators lifted its stake in shares of Cleveland-Cliffs by 72.6% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,164 shares during the last quarter. Westfuller Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $68,000. Finally, JPL Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $72,000. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CLF shares. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a report on Friday, May 1st. Barclays assumed coverage on Cleveland-Cliffs in a research note on Thursday. They set an “underweight” rating and a $9.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Friday, April 24th. KeyCorp assumed coverage on Cleveland-Cliffs in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, Citigroup boosted their target price on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $11.49.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $11.19 on Friday. The stock has a 50-day moving average of $9.47 and a two-hundred day moving average of $11.32. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The stock 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 issued its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter in the previous year, the firm posted ($0.92) EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. As a group, research analysts predict that Cleveland-Cliffs Inc. will post -0.46 EPS for the current 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.