Allianz Asset Management GmbH Has $20.19 Million Stake in Cleveland-Cliffs Inc. $CLF

Allianz Asset Management GmbH reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 25.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,656,959 shares of the mining company’s stock after selling 898,424 shares during the quarter. Allianz Asset Management GmbH’s holdings in Cleveland-Cliffs were worth $20,193,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CLF. Atwood & Palmer Inc. acquired a new position in Cleveland-Cliffs during the 2nd quarter worth $27,000. Trust Co. of Toledo NA OH bought a new stake in shares of Cleveland-Cliffs during the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Cleveland-Cliffs during the first quarter worth $36,000. AlphaQuest LLC boosted its holdings in Cleveland-Cliffs by 408,600.0% in the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company’s stock valued at $67,000 after acquiring an additional 8,172 shares during the last quarter. Finally, Byrne Asset Management LLC increased its position in Cleveland-Cliffs by 44.2% in the second quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company’s stock worth $70,000 after purchasing an additional 2,806 shares during the period. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CLF shares. Citigroup upped their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Bank of America increased their price objective on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a “neutral” rating in a report on Monday, September 15th. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Wells Fargo & Company upped their target price on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, September 15th. Finally, The Goldman Sachs Group increased their price target on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research note on Thursday, October 9th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.93.

Cleveland-Cliffs Stock Down 2.0%

Cleveland-Cliffs stock opened at $13.29 on Monday. The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of -3.90 and a beta of 1.96. The company’s 50 day simple moving average is $11.65 and its 200 day simple moving average is $9.36. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.51.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 earnings per share. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.