Alberta Investment Management Corp Buys New Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Alberta Investment Management Corp purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 108,160 shares of the mining company’s stock, valued at approximately $1,017,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in shares of Cleveland-Cliffs by 13.7% during the 3rd quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Cleveland-Cliffs by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after buying an additional 121,389 shares in the last quarter. Hodges Capital Management Inc. lifted its holdings in Cleveland-Cliffs by 13.4% during the 4th quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock worth $31,178,000 after buying an additional 391,109 shares during the last quarter. Drexel Morgan & Co. boosted its position in shares of Cleveland-Cliffs by 3.8% during the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after acquiring an additional 116,400 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after acquiring an additional 2,176,837 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CLF shares. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. 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 $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Trading Down 5.3 %

NYSE CLF opened at $11.35 on Friday. The firm’s fifty day moving average is $10.22 and its two-hundred day moving average is $11.73. Cleveland-Cliffs Inc. has a one year low of $8.99 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market cap of $5.60 billion, a PE ratio of -11.70 and a beta of 1.96.

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.