Cleveland-Cliffs Inc. (NYSE:CLF) Shares Bought by American Century Companies Inc.

American Century Companies Inc. lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 135.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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.’s holdings in Cleveland-Cliffs were worth $33,988,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CLF. Advisors Asset Management Inc. grew its holdings in Cleveland-Cliffs by 28.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company’s stock worth $246,000 after acquiring an additional 4,215 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after purchasing an additional 121,389 shares in the last quarter. Cerity Partners LLC increased its holdings in Cleveland-Cliffs by 10.9% in the third quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock valued at $4,682,000 after buying an additional 35,995 shares during the last quarter. D.A. Davidson & CO. raised its stake in Cleveland-Cliffs by 19.3% during the third quarter. D.A. Davidson & CO. now owns 96,349 shares of the mining company’s stock valued at $1,230,000 after buying an additional 15,580 shares in the last quarter. Finally, De Lisle Partners LLP lifted its holdings in Cleveland-Cliffs by 25.4% during the 3rd quarter. De Lisle Partners LLP now owns 74,000 shares of the mining company’s stock worth $945,000 after buying an additional 15,000 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Insider Activity

In related news, Director Jane M. Cronin bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now directly owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John T. Baldwin purchased 4,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the transaction, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 23,500 shares of company stock valued at $243,095. Company insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Cleveland-Cliffs Price Performance

NYSE CLF opened at $8.53 on Friday. The company has a 50-day moving average price of $10.26 and a two-hundred day moving average price of $11.21. Cleveland-Cliffs Inc. has a 52 week low of $8.48 and a 52 week high of $22.97. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -8.79 and a beta of 1.94. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

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

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.