Trust Co. of Toledo NA OH Invests $27,000 in Cleveland-Cliffs Inc. $CLF

Trust Co. of Toledo NA OH acquired a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 3,550 shares of the mining company’s stock, valued at approximately $27,000.

Several other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Cleveland-Cliffs by 10.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company’s stock worth $37,779,000 after buying an additional 419,832 shares during the period. Drexel Morgan & Co. raised its stake in Cleveland-Cliffs by 2.1% during the 1st quarter. Drexel Morgan & Co. now owns 4,389,075 shares of the mining company’s stock valued at $36,078,000 after purchasing an additional 88,680 shares during the period. Deutsche Bank AG raised its stake in Cleveland-Cliffs by 16.1% during the 1st quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company’s stock valued at $33,906,000 after purchasing an additional 572,262 shares during the period. Northern Trust Corp raised its stake in Cleveland-Cliffs by 1.4% during the 1st quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock valued at $32,999,000 after purchasing an additional 54,244 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company’s stock valued at $29,225,000 after purchasing an additional 2,232,799 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 4.8%

Shares of NYSE CLF opened at $13.81 on Tuesday. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $14.51. The business has a fifty day simple moving average of $11.31 and a two-hundred day simple moving average of $9.20. The firm has a market cap of $6.83 billion, a PE ratio of -4.05 and a beta of 1.96. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period last year, the business posted $0.11 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CLF has been the topic of several recent analyst reports. Citigroup lifted their target price on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Bank of America lifted their target price on Cleveland-Cliffs from $9.50 to $12.50 and gave the company a “neutral” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday. The Goldman Sachs Group raised their price target on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a report on Thursday, October 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.93.

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.