Public Employees Retirement Association of Colorado Sells 1,129 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Public Employees Retirement Association of Colorado decreased its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 55,377 shares of the mining company’s stock after selling 1,129 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cleveland-Cliffs were worth $852,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after buying an additional 476 shares during the period. Hexagon Capital Partners LLC boosted its holdings in Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the period. InterOcean Capital Group LLC boosted its holdings in Cleveland-Cliffs by 4.1% in the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock valued at $462,000 after purchasing an additional 805 shares during the period. J.W. Cole Advisors Inc. boosted its holdings in Cleveland-Cliffs by 3.6% in the 1st quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock valued at $559,000 after purchasing an additional 845 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Cleveland-Cliffs by 7.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after purchasing an additional 949 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.24 on Thursday. The company has a 50 day simple moving average of $13.11 and a 200 day simple moving average of $16.34. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of 16.54 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60.

Cleveland-Cliffs (NYSE:CLF) last released 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 analysts’ expectations 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 period in the prior year, the company earned $0.69 EPS. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Bank of America cut their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. B. Riley reissued a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. Finally, Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.56.

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.