Alberta Investment Management Corp Makes New $1.02 Million Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Alberta Investment Management Corp acquired a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 108,160 shares of the mining company’s stock, valued at approximately $1,017,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Strengthening Families & Communities LLC grew its stake in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Darwin Wealth Management LLC acquired a new position in Cleveland-Cliffs in the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs in the third quarter worth approximately $34,000. Blue Trust Inc. increased its stake in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after acquiring an additional 2,539 shares during the last quarter. Finally, Byrne Asset Management LLC raised its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research analyst reports. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group started coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Citigroup reduced their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective on the stock in a report on Tuesday, January 7th. Finally, Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.35 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The firm has a 50 day moving average of $10.22 and a two-hundred day moving average of $11.73. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $5.60 billion, a PE ratio of -11.70 and a beta of 1.96.

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.