Allianz Asset Management GmbH Buys 2,232,799 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Allianz Asset Management GmbH grew its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 168.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,555,383 shares of the mining company's stock after buying an additional 2,232,799 shares during the period. Allianz Asset Management GmbH owned approximately 0.72% of Cleveland-Cliffs worth $29,225,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Avantax Advisory Services Inc. grew its position in Cleveland-Cliffs by 9.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company's stock valued at $168,000 after acquiring an additional 1,479 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Cleveland-Cliffs by 27.2% in the 4th quarter. Corient Private Wealth LLC now owns 16,362 shares of the mining company's stock valued at $154,000 after purchasing an additional 3,495 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Cleveland-Cliffs by 3.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 113,897 shares of the mining company's stock valued at $1,071,000 after purchasing an additional 3,940 shares during the last quarter. Xponance Inc. raised its position in Cleveland-Cliffs by 8.8% in the 4th quarter. Xponance Inc. now owns 68,931 shares of the mining company's stock worth $648,000 after purchasing an additional 5,596 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Cleveland-Cliffs by 3.6% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 106,907 shares of the mining company's stock worth $1,005,000 after purchasing an additional 3,735 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Analyst Ratings Changes

CLF has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Glj Research downgraded Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective for the company. in a research report on Wednesday, May 28th. KeyCorp raised Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research note on Tuesday, July 22nd. B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Finally, Citigroup upped their price target on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $11.09.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares of the company's stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.71% of the stock is owned by insiders.

Cleveland-Cliffs Stock Up 4.8%

Shares of CLF stock traded up $0.53 during trading hours on Friday, hitting $11.44. 28,309,127 shares of the company's stock traded hands, compared to its average volume of 30,815,626. The company has a quick ratio of 0.64, a current ratio of 2.04 and a debt-to-equity ratio of 1.28. The stock's fifty day simple moving average is $8.06 and its two-hundred day simple moving average is $8.83. Cleveland-Cliffs Inc. has a 12-month low of $5.63 and a 12-month high of $15.71. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of -3.35 and a beta of 1.91.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The business had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. Cleveland-Cliffs's revenue was up 7.5% compared to the same quarter last year. During the same period last year, the business earned $0.11 EPS. On average, analysts expect 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.