Illinois Municipal Retirement Fund Boosts Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Illinois Municipal Retirement Fund boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 38.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 164,170 shares of the mining company's stock after purchasing an additional 45,247 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Cleveland-Cliffs were worth $1,543,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CLF. Pacer Advisors Inc. increased its position in shares of Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company's stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the period. Barclays PLC increased its stake in shares of Cleveland-Cliffs by 232.4% in the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company's stock valued at $39,757,000 after buying an additional 2,176,837 shares during the period. Stonegate Investment Group LLC acquired a new position in Cleveland-Cliffs during the 4th quarter valued at about $18,999,000. Rockefeller Capital Management L.P. bought a new stake in Cleveland-Cliffs in the third quarter valued at about $22,122,000. Finally, Bank of New York Mellon Corp raised its position in shares of Cleveland-Cliffs by 20.1% in the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock valued at $69,398,000 after acquiring an additional 1,236,247 shares during the period. Institutional investors and hedge funds own 67.68% of the company's stock.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Keith Koci acquired 9,500 shares of the business's stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the acquisition, the executive vice president now directly owns 543,475 shares of the company's stock, valued at $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares of the company's stock, valued at $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Trading Up 5.9 %

Shares of Cleveland-Cliffs stock traded up $0.56 during trading on Wednesday, hitting $10.03. The company's stock had a trading volume of 21,715,626 shares, compared to its average volume of 17,280,551. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The stock has a 50-day moving average price of $10.35 and a two-hundred day moving average price of $11.59. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of -10.34 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. B. Riley reissued a "buy" rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Morgan Stanley cut their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and a consensus price target of $16.43.

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.