American Century Companies Inc. Raises Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

American Century Companies Inc. boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.3% during the second quarter, Holdings Channel.com reports. The firm owned 900,670 shares of the mining company’s stock after buying an additional 84,191 shares during the period. American Century Companies Inc.’s holdings in Cleveland-Cliffs were worth $13,861,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quadrant Capital Group LLC grew its holdings in shares of Cleveland-Cliffs by 101.8% in the fourth quarter. Quadrant Capital Group LLC now owns 4,608 shares of the mining company’s stock worth $94,000 after purchasing an additional 2,324 shares during the last quarter. Norges Bank bought a new position in shares of Cleveland-Cliffs during the fourth quarter valued at about $117,585,000. Corient Private Wealth LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth about $697,000. Quest Partners LLC bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth about $71,000. Finally, Ontario Teachers Pension Plan Board increased its holdings in Cleveland-Cliffs by 399.4% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 52,796 shares of the mining company’s stock valued at $1,078,000 after purchasing an additional 42,224 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.77 on Friday. The company’s 50-day moving average is $13.33 and its 200 day moving average is $16.52. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 15.91, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on CLF. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. B. Riley reiterated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Citigroup dropped their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Finally, Morgan Stanley decreased their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs 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.