Cleveland-Cliffs Inc. (NYSE:CLF) Stock Position Boosted by State of Michigan Retirement System

State of Michigan Retirement System grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 0.9% during the first quarter, Holdings Channel reports. The institutional investor owned 138,027 shares of the mining company’s stock after acquiring an additional 1,200 shares during the period. State of Michigan Retirement System’s holdings in Cleveland-Cliffs were worth $3,139,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CLF. Perigon Wealth Management LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $839,000. GSA Capital Partners LLP bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth $2,188,000. Schonfeld Strategic Advisors LLC boosted its stake in Cleveland-Cliffs by 108.7% during the third quarter. Schonfeld Strategic Advisors LLC now owns 343,465 shares of the mining company’s stock valued at $5,368,000 after buying an additional 178,864 shares in the last quarter. Quest Partners LLC bought a new stake in Cleveland-Cliffs in the fourth quarter worth about $71,000. Finally, Raymond James & Associates boosted its position in shares of Cleveland-Cliffs by 13.0% during the 4th quarter. Raymond James & Associates now owns 626,207 shares of the mining company’s stock valued at $12,787,000 after purchasing an additional 72,185 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleveland-Cliffs

In other news, CEO Lourenco Goncalves acquired 60,000 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, May 1st. The stock was acquired at an average cost of $16.76 per share, for a total transaction of $1,005,600.00. Following the completion of the purchase, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cleveland-Cliffs news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the transaction, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lourenco Goncalves purchased 60,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were acquired at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the purchase, the chief executive officer now owns 2,759,089 shares of the company’s stock, valued at $46,242,331.64. The disclosure for this purchase can be found here. Insiders have purchased a total of 98,950 shares of company stock worth $1,639,638 over the last 90 days. Insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CLF. StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Seaport Res Ptn upgraded Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Wolfe Research reiterated an “underperform” rating and issued a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Jefferies Financial Group started coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $19.44.

Cleveland-Cliffs Trading Up 1.6 %

NYSE:CLF opened at $15.64 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. The company has a market capitalization of $7.43 billion, a P/E ratio of 21.13, a P/E/G ratio of 0.78 and a beta of 2.03. The stock’s 50 day moving average price is $16.47 and its 200 day moving average price is $18.94. Cleveland-Cliffs Inc. has a 52 week low of $13.84 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the company earned ($0.11) EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, research analysts forecast that Cleveland-Cliffs Inc. will post 0.44 EPS for the current fiscal year.

Cleveland-Cliffs announced that its Board of Directors has approved a stock buyback plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the mining company to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.