Louisiana State Employees Retirement System Sells 8,900 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Louisiana State Employees Retirement System trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 6.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 134,500 shares of the mining company’s stock after selling 8,900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Cleveland-Cliffs were worth $2,070,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CLF. Norges Bank bought a new stake in Cleveland-Cliffs during the fourth quarter worth about $117,585,000. Sound Shore Management Inc. CT boosted its stake in shares of Cleveland-Cliffs by 9.0% in the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock valued at $82,446,000 after purchasing an additional 334,739 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cleveland-Cliffs by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after purchasing an additional 194,948 shares during the last quarter. Castle Hook Partners LP increased its holdings in shares of Cleveland-Cliffs by 13.8% during the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after buying an additional 410,182 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Cleveland-Cliffs by 10.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after acquiring an additional 275,265 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 3.1 %

Cleveland-Cliffs stock opened at $13.27 on Friday. Cleveland-Cliffs Inc. has a fifty-two week low of $12.39 and a fifty-two week high of $22.97. The firm’s 50-day simple moving average is $14.57 and its 200 day simple moving average is $17.63. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The stock has a market cap of $6.31 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 earnings per share. Research analysts predict that Cleveland-Cliffs Inc. will post 0.17 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, Director Ben Oren bought 6,700 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the completion of the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the transaction, the chief financial officer now owns 314,362 shares of the company’s stock, valued at $4,709,142.76. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CLF has been the subject of a number of recent research reports. B. Riley restated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Morgan Stanley decreased their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Bank of America dropped their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Seaport Res Ptn upgraded Cleveland-Cliffs to a “hold” rating in a report on Tuesday, June 11th. Finally, Jefferies Financial Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.94.

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.