Mutual of America Capital Management LLC Cuts Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Mutual of America Capital Management LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 8.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 272,232 shares of the mining company’s stock after selling 24,680 shares during the quarter. Mutual of America Capital Management LLC owned about 0.06% of Cleveland-Cliffs worth $4,190,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CLF. Dimensional Fund Advisors LP lifted its stake in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after acquiring an additional 5,621,797 shares during the period. Peconic Partners LLC bought a new position in Cleveland-Cliffs during the 4th quarter valued at about $42,370,000. Bank of Nova Scotia bought a new position in Cleveland-Cliffs during the 4th quarter valued at about $22,937,000. Bank of New York Mellon Corp lifted its stake in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares during the period. Finally, WINTON GROUP Ltd lifted its stake in Cleveland-Cliffs by 1,650.8% during the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after acquiring an additional 824,518 shares during the period. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Bank of America lowered their target price on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. B. Riley reissued a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.77 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97. The company has a market capitalization of $5.60 billion, a P/E ratio of 15.91, a P/E/G ratio of 21.57 and a beta of 1.97. The firm’s 50 day simple moving average is $13.33 and its two-hundred day simple moving average is $16.49.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. Research analysts expect that Cleveland-Cliffs Inc. will post 0.01 EPS for the current fiscal year.

About Cleveland-Cliffs

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.