American Century Companies Inc. Trims Stock Holdings in Cleveland-Cliffs Inc. $CLF

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

A number of other hedge funds have also recently added to or reduced their stakes in CLF. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Cleveland-Cliffs during the 1st quarter worth approximately $36,000. Fifth Third Bancorp boosted its stake in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares in the last quarter. Byrne Asset Management LLC grew its holdings in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after acquiring an additional 1,753 shares during the period. UMB Bank n.a. raised its position in Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after acquiring an additional 5,579 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Cleveland-Cliffs by 61.6% in the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company's stock worth $71,000 after acquiring an additional 3,285 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.04 on Tuesday, hitting $10.54. The company's stock had a trading volume of 17,378,086 shares, compared to its average volume of 24,980,027. The company has a market capitalization of $5.21 billion, a P/E ratio of -3.09 and a beta of 1.99. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. The firm has a fifty day moving average price of $9.40 and a 200-day moving average price of $8.83. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on CLF. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Wells Fargo & Company raised shares of Cleveland-Cliffs to a "hold" rating in a report on Thursday, August 14th. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price for the company in a report on Tuesday, July 22nd. Finally, Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.96.

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.