Mutual of America Capital Management LLC Decreases Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Mutual of America Capital Management LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLFFree Report) by 11.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 330,302 shares of the mining company’s stock after selling 43,170 shares during the quarter. Mutual of America Capital Management LLC owned 0.07% of Cleveland-Cliffs worth $5,163,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CLF. State Street Corp increased its stake in shares of Cleveland-Cliffs by 18.6% during the second quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock worth $322,771,000 after acquiring an additional 3,295,448 shares during the period. Norges Bank acquired a new position in Cleveland-Cliffs during the fourth quarter worth about $50,678,000. Encompass Capital Advisors LLC acquired a new position in Cleveland-Cliffs during the second quarter worth about $49,233,000. Vanguard Group Inc. grew its position in Cleveland-Cliffs by 5.4% during the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock worth $1,433,561,000 after buying an additional 2,276,018 shares during the period. Finally, BlackRock Inc. grew its position in Cleveland-Cliffs by 3.8% during the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock worth $1,034,787,000 after buying an additional 2,041,111 shares during the period. 60.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley upped their target price on shares of Cleveland-Cliffs from $19.00 to $21.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 31st. TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Argus downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Wednesday, February 7th. Four analysts have rated the stock with a hold rating and three have given a 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 $21.63.

Check Out Our Latest Report on CLF

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ron A. Bloom acquired 25,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was bought at an average price of $20.24 per share, with a total value of $506,000.00. Following the completion of the transaction, the director now directly owns 27,221 shares of the company’s stock, valued at $550,953.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.57% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $19.87 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.62 and a current ratio of 1.89. The company has a market capitalization of $9.90 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 0.57 and a beta of 2.04. The company’s 50 day simple moving average is $19.15 and its 200 day simple moving average is $16.92. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.83.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last released its quarterly earnings data on Tuesday, January 30th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. During the same quarter in the prior year, the business earned ($0.30) earnings per share. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post 2.22 EPS for the current year.

Cleveland-Cliffs Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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