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

Mutual of America Capital Management LLC reduced its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,954 shares of the mining company’s stock after selling 19,278 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of Cleveland-Cliffs worth $3,230,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Archer Investment Corp raised its stake in shares of Cleveland-Cliffs by 25.8% during the third quarter. Archer Investment Corp now owns 7,799 shares of the mining company’s stock worth $100,000 after acquiring an additional 1,600 shares in the last quarter. Kovack Advisors Inc. lifted its stake in shares of Cleveland-Cliffs by 71.2% in the 3rd quarter. Kovack Advisors Inc. now owns 34,140 shares of the mining company’s stock valued at $436,000 after acquiring an additional 14,200 shares during the last quarter. Prime Capital Investment Advisors LLC purchased a new stake in Cleveland-Cliffs during the 3rd quarter valued at about $263,000. GSA Capital Partners LLP increased its stake in Cleveland-Cliffs by 295.9% in the 3rd quarter. GSA Capital Partners LLP now owns 205,461 shares of the mining company’s stock worth $2,624,000 after purchasing an additional 153,560 shares during the period. Finally, Crumly & Associates Inc. lifted its position in Cleveland-Cliffs by 10.3% in the third quarter. Crumly & Associates Inc. now owns 78,504 shares of the mining company’s stock valued at $1,002,000 after purchasing an additional 7,343 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $12.48 on Friday. The firm’s 50 day moving average price is $12.63 and its 200-day moving average price is $14.14. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $6.16 billion, a PE ratio of -12.85 and a beta of 1.97. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 EPS. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.4 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.