New York State Teachers Retirement System Sells 51,585 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

New York State Teachers Retirement System cut its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 456,672 shares of the mining company’s stock after selling 51,585 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of Cleveland-Cliffs worth $5,832,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Twelve Points Wealth Management LLC boosted its position in Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after purchasing an additional 49,359 shares during the period. Hodges Capital Management Inc. boosted its holdings in Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock worth $33,852,000 after buying an additional 104,197 shares during the period. DekaBank Deutsche Girozentrale grew its stake in Cleveland-Cliffs by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock valued at $879,000 after buying an additional 984 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after acquiring an additional 177,198 shares during the period. Finally, Natixis bought a new stake in Cleveland-Cliffs during the 1st quarter valued at $100,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the topic of a number of analyst reports. Citigroup decreased their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.56.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $11.61 on Wednesday. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one 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. The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of -11.96 and a beta of 1.97. The company’s fifty day moving average price is $12.67 and its 200-day moving average price is $14.65.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the company earned $0.54 EPS. The firm’s revenue was down 18.5% compared to the same quarter last year. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current fiscal year.

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.