Bank of America Corp DE Buys Shares of 3,905,214 Cleveland-Cliffs Inc. $CLF

Key Points

• Bank of America acquired 3.9 million Cleveland-Cliffs shares during the second quarter, worth approximately $36.7 million and representing about 0.68% of the company.
• Institutional ownership remains high at 67.68%, with BlackRock, Castle Hook Partners, Geode Capital and Dimensional Fund Advisors among other major holders increasing or initiating positions.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, while posting a loss of $0.20 per share. Analysts maintain a consensus “Hold” rating with an average price target of $12.25.

Bank of America Corp DE bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 3,905,214 shares of the mining company's stock, valued at approximately $36,670,000. Bank of America Corp DE owned approximately 0.68% of Cleveland-Cliffs at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Cleveland-Cliffs during the second quarter worth $522,766,000. Castle Hook Partners LP increased its stake in Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock worth $240,143,000 after acquiring an additional 15,393,507 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cleveland-Cliffs by 14.7% during the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company's stock worth $133,372,000 after acquiring an additional 1,286,042 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Cleveland-Cliffs by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company's stock valued at $130,873,000 after purchasing an additional 925,031 shares in the last quarter. Finally, Turiya Advisors Asia Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth about $96,280,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

CLF stock opened at $12.06 on Tuesday. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The stock's 50 day simple moving average is $11.58 and its 200 day simple moving average is $10.81. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $6.88 billion, a PE ratio of -7.44 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the company posted ($0.50) earnings per share. The company's quarterly revenue was up 5.9% on a year-over-year basis. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the topic of several analyst reports. Bank of America decreased their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Monday, August 24th. Morgan Stanley reiterated an "equal weight" rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Finally, UBS Group set a $13.00 price target on shares of Cleveland-Cliffs in a report on Monday, September 7th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $12.25.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.

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