Mutual of America Capital Management LLC Sells 18,642 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Mutual of America Capital Management LLC lowered its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 311,660 shares of the mining company’s stock after selling 18,642 shares during the period. Mutual of America Capital Management LLC owned about 0.06% of Cleveland-Cliffs worth $6,364,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Exchange Traded Concepts LLC bought a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $29,000. Anchor Investment Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $31,000. HighMark Wealth Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter valued at about $35,000. Lazard Asset Management LLC boosted its holdings in Cleveland-Cliffs by 218.1% during the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock worth $35,000 after purchasing an additional 746 shares during the last quarter. Finally, Tyler Stone Wealth Management bought a new position in Cleveland-Cliffs in the 2nd quarter valued at $36,000. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CLF. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research note on Wednesday, February 28th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Finally, Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Wednesday, March 13th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $19.92.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $21.65 on Friday. The firm’s 50-day moving average is $20.82 and its 200 day moving average is $18.69. The stock has a market cap of $10.29 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 0.78 and a beta of 2.03. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Tuesday, January 30th. The mining company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.16 billion. Cleveland-Cliffs had a net margin of 1.81% and a return on equity of 6.79%. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.30) earnings per share. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 1.63 EPS for the current fiscal year.

Insider Activity

In related news, Director Arlene M. Yocum acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now owns 94,887 shares in the company, valued at approximately $1,899,637.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cleveland-Cliffs news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Terry G. Fedor sold 27,430 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the sale, the executive vice president now directly owns 534,617 shares in the company, valued at approximately $10,793,917.23. The disclosure for this sale can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 in the last 90 days. Company insiders own 1.57% of the company’s stock.

Cleveland-Cliffs 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.