Allianz Asset Management GmbH Has $51.18 Million Stake in Cleveland-Cliffs Inc. $CLF

Allianz Asset Management GmbH grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 57.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,195,179 shares of the mining company’s stock after purchasing an additional 1,538,220 shares during the period. Allianz Asset Management GmbH owned about 0.85% of Cleveland-Cliffs worth $51,181,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CLF. Maple Rock Capital Partners Inc. acquired a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $63,731,000. Norges Bank acquired a new position in Cleveland-Cliffs in the second quarter worth about $44,120,000. Turiya Advisors Asia Ltd bought a new position in Cleveland-Cliffs during the second quarter worth about $39,357,000. State Street Corp boosted its holdings in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after purchasing an additional 4,603,807 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after purchasing an additional 4,222,528 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $14.51 on Thursday. The stock has a 50-day simple moving average of $13.42 and a 200 day simple moving average of $12.20. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of -4.27 and a beta of 1.93. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $16.70.

Wall Street Analysts Forecast Growth

CLF has been the subject of several analyst reports. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $12.80 to $17.00 in a research report on Friday, January 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, January 27th. Bank of America boosted their target price on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research note on Tuesday, October 21st. KeyCorp cut shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. Finally, Glj Research boosted their price target on shares of Cleveland-Cliffs from $5.75 to $9.52 and gave the company a “sell” rating in a research report on Tuesday, January 13th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.80.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.