Mutual of America Capital Management LLC Sells 8,065 Shares of Cleveland-Cliffs Inc. $CLF

Mutual of America Capital Management LLC lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 241,075 shares of the mining company’s stock after selling 8,065 shares during the period. Mutual of America Capital Management LLC’s holdings in Cleveland-Cliffs were worth $1,832,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Tweedy Browne Co LLC grew its holdings in shares of Cleveland-Cliffs by 124.4% in the second quarter. Tweedy Browne Co LLC now owns 25,507 shares of the mining company’s stock worth $194,000 after acquiring an additional 14,142 shares during the period. Stratos Wealth Partners LTD. grew its holdings in shares of Cleveland-Cliffs by 14.0% in the second quarter. Stratos Wealth Partners LTD. now owns 52,350 shares of the mining company’s stock worth $398,000 after acquiring an additional 6,409 shares during the period. Hourglass Capital LLC grew its holdings in shares of Cleveland-Cliffs by 24.5% in the second quarter. Hourglass Capital LLC now owns 93,400 shares of the mining company’s stock worth $710,000 after acquiring an additional 18,400 shares during the period. Cypress Wealth Services LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter worth $118,000. Finally, RFG Advisory LLC lifted its position in Cleveland-Cliffs by 23.1% during the second quarter. RFG Advisory LLC now owns 16,500 shares of the mining company’s stock valued at $125,000 after purchasing an additional 3,100 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 0.5%

Cleveland-Cliffs stock opened at $13.13 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.70. The firm’s 50 day moving average price is $12.00 and its 200-day moving average price is $9.58. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The stock has a market cap of $6.49 billion, a P/E ratio of -3.86 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. Cleveland-Cliffs’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted ($0.33) earnings per share. On average, equities analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CLF shares. Wells Fargo & Company reiterated an “underweight” rating and set a $11.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday. Bank of America lifted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Finally, The Goldman Sachs Group lifted their target price on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a research report on Thursday, October 9th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $12.36.

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.