Cleveland-Cliffs Inc. (NYSE:CLF) Position Reduced by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 2.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 249,140 shares of the mining company’s stock after selling 6,564 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of Cleveland-Cliffs worth $2,048,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of Cleveland-Cliffs during the 4th quarter valued at $7,835,000. Farther Finance Advisors LLC boosted its holdings in Cleveland-Cliffs by 487.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock valued at $56,000 after acquiring an additional 4,971 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of Cleveland-Cliffs by 9.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock valued at $168,000 after buying an additional 1,479 shares during the period. Swiss National Bank lifted its stake in shares of Cleveland-Cliffs by 4.2% in the fourth quarter. Swiss National Bank now owns 969,161 shares of the mining company’s stock valued at $9,110,000 after buying an additional 39,261 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in shares of Cleveland-Cliffs by 27.2% in the fourth quarter. Corient Private Wealth LLC now owns 16,362 shares of the mining company’s stock valued at $154,000 after buying an additional 3,495 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 1.3%

Shares of CLF opened at $9.51 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.00. The firm has a market cap of $4.70 billion, a P/E ratio of -3.90 and a beta of 1.91. The firm’s 50-day simple moving average is $7.70 and its 200 day simple moving average is $8.78. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. Cleveland-Cliffs’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 EPS. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president directly owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.71% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CLF. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a research note on Monday, July 14th. The Goldman Sachs Group reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research note on Monday, May 12th. B. Riley reaffirmed a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research cut shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. Finally, Morgan Stanley raised their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Friday, June 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.78.

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.