Texas Permanent School Fund Corp Has $7.17 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Texas Permanent School Fund Corp grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 466,011 shares of the mining company’s stock after acquiring an additional 29,914 shares during the period. Texas Permanent School Fund Corp’s holdings in Cleveland-Cliffs were worth $7,172,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CLF. Norges Bank acquired a new position in Cleveland-Cliffs in the 4th quarter worth $117,585,000. Bank of New York Mellon Corp boosted its stake in Cleveland-Cliffs by 23.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares during the period. Charles Schwab Investment Management Inc. boosted 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 worth $72,328,000 after purchasing an additional 194,948 shares during the period. Castle Hook Partners LP boosted its stake in Cleveland-Cliffs by 13.8% in the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after purchasing an additional 410,182 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in 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 worth $65,589,000 after purchasing an additional 275,265 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Citigroup reduced 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 note on Tuesday. JPMorgan Chase & Co. cut shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. 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 price target on the stock. Bank of America cut their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, Seaport Res Ptn raised 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 issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $17.75.

Cleveland-Cliffs Stock Down 3.0 %

Shares of CLF stock opened at $10.92 on Wednesday. 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 firm’s 50-day moving average is $13.98 and its 200-day moving average is $16.99. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 6.73 and a beta of 1.98. Cleveland-Cliffs Inc. has a 52-week low of $10.65 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion for 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 business’s revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 EPS. Sell-side analysts predict that Cleveland-Cliffs Inc. will post 0.04 EPS for the current year.

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.