Louisiana State Employees Retirement System Sells 4,800 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Louisiana State Employees Retirement System trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 129,700 shares of the mining company’s stock after selling 4,800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Cleveland-Cliffs were worth $1,656,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cleveland-Cliffs by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after purchasing an additional 476 shares during the last quarter. State of Michigan Retirement System lifted its holdings in shares of Cleveland-Cliffs by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 138,027 shares of the mining company’s stock valued at $3,139,000 after buying an additional 1,200 shares during the period. J.W. Cole Advisors Inc. boosted its stake in shares of 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 worth $559,000 after buying an additional 845 shares during the last quarter. Mission Wealth Management LP purchased a new stake in Cleveland-Cliffs during the first quarter valued at $718,000. Finally, Capstone Investment Advisors LLC bought a new position in Cleveland-Cliffs in the first quarter valued at about $799,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $13.18 on Thursday. The firm’s 50 day simple moving average is $12.67 and its two-hundred day simple moving average is $14.87. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The company has a market capitalization of $6.27 billion, a P/E ratio of 17.82 and a beta of 1.98. Cleveland-Cliffs Inc. has a 1-year low of $10.21 and a 1-year high of $22.97.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CLF shares. Citigroup cut their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Morgan Stanley cut 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. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Company 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.