American Century Companies Inc. Buys 84,191 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

American Century Companies Inc. lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 10.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 900,670 shares of the mining company’s stock after acquiring an additional 84,191 shares during the quarter. American Century Companies Inc. owned approximately 0.19% of Cleveland-Cliffs worth $13,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quadrant Capital Group LLC grew its position in shares of Cleveland-Cliffs by 101.8% during the 4th quarter. Quadrant Capital Group LLC now owns 4,608 shares of the mining company’s stock worth $94,000 after buying an additional 2,324 shares during the period. Norges Bank acquired a new stake in Cleveland-Cliffs in the fourth quarter worth $117,585,000. Corient Private Wealth LLC bought a new stake in Cleveland-Cliffs in the fourth quarter valued at $697,000. Quest Partners LLC acquired a new position in Cleveland-Cliffs during the 4th quarter worth approximately $71,000. Finally, Ontario Teachers Pension Plan Board boosted its holdings in Cleveland-Cliffs by 399.4% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 52,796 shares of the mining company’s stock worth $1,078,000 after acquiring an additional 42,224 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $11.77 on Friday. 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 one year low of $10.21 and a one year high of $22.97. The firm has a market capitalization of $5.60 billion, a P/E ratio of 15.91, a PEG ratio of 21.57 and a beta of 1.97. The business has a fifty day moving average price of $13.33 and a 200-day moving average price of $16.52.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. Cleveland-Cliffs’s revenue was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 EPS. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CLF. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Bank of America decreased their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. B. Riley reissued a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $17.56.

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.