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 135.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,615,774 shares of the mining company’s stock after buying an additional 2,079,589 shares during the quarter. American Century Companies Inc. owned approximately 0.73% of Cleveland-Cliffs worth $33,988,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Byrne Asset Management LLC lifted its position in shares of 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 acquiring an additional 2,600 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs in the 4th quarter valued at about $44,000. Wilmington Savings Fund Society FSB purchased a new position in Cleveland-Cliffs in the 3rd quarter valued at about $64,000. AllSquare Wealth Management LLC boosted its stake in shares of Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after purchasing an additional 1,000 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Cleveland-Cliffs by 1,190.6% in the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock valued at $50,000 after buying an additional 4,917 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 9,500 shares of the stock in a transaction on Friday, February 28th. The stock was bought at an average price of $10.81 per share, with a total value of $102,695.00. Following the completion of the transaction, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock valued at $243,095 over the last three months. 1.76% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Glj Research lowered their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Citigroup cut their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Stock Down 8.6 %

Shares of NYSE:CLF opened at $8.53 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $8.48 and a 1 year high of $22.97. The stock has a 50-day simple moving average of $10.26 and a 200-day simple moving average of $11.21. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The stock has a market capitalization of $4.22 billion, a P/E ratio of -8.79 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.