Cleveland-Cliffs Inc. $CLF Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. has reduced its stake in Cleveland-Cliffs Inc. by 10.4%, holding approximately $26.64 million worth of shares after selling 374,839 during the first quarter.
• Multiple hedge funds have also adjusted their positions in Cleveland-Cliffs, with Guggenheim Capital increasing their stake by 70.4% in the fourth quarter alone.
• Cleveland-Cliffs reported a loss of ($0.50) earnings per share for the latest quarter, exceeding analysts' expectations, while its revenue increased by 7.5% year-over-year.

American Century Companies Inc. lowered its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 10.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,240,935 shares of the mining company's stock after selling 374,839 shares during the quarter. American Century Companies Inc. owned approximately 0.66% of Cleveland-Cliffs worth $26,640,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Fox Run Management L.L.C. acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $676,000. Ground Swell Capital LLC acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $158,000. HighTower Advisors LLC grew its position in shares of Cleveland-Cliffs by 16.0% during the first quarter. HighTower Advisors LLC now owns 79,839 shares of the mining company's stock worth $656,000 after buying an additional 11,001 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Cleveland-Cliffs during the first quarter worth approximately $9,416,000. Finally, Invesco Ltd. grew its position in shares of Cleveland-Cliffs by 10.2% during the first quarter. Invesco Ltd. now owns 2,561,121 shares of the mining company's stock worth $21,052,000 after buying an additional 237,940 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CLF. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. Morgan Stanley upped their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company raised Cleveland-Cliffs to a "hold" rating in a research report on Thursday, August 14th. Finally, Citigroup upped their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $10.96.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF traded down $0.00 on Thursday, hitting $10.79. The company's stock had a trading volume of 3,383,598 shares, compared to its average volume of 24,811,115. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of -3.16 and a beta of 1.99. The stock's 50-day moving average is $9.52 and its two-hundred day moving average is $8.85. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same quarter in the prior year, the business posted $0.11 earnings per share. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Cleveland-Cliffs 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.