New York State Teachers Retirement System reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 10.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs during the second quarter worth approximately $31,000. Gradient Investments LLC boosted its holdings in shares of Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after purchasing an additional 1,249 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock valued at $43,000 after buying an additional 1,343 shares during the period. Finally, LRI Investments LLC acquired a new stake in shares of Cleveland-Cliffs during the 1st quarter worth $45,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.
Cleveland-Cliffs Stock Performance
Cleveland-Cliffs stock traded up $2.33 during mid-day trading on Wednesday, reaching $13.94. The company's stock had a trading volume of 41,055,992 shares, compared to its average volume of 10,124,516. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97. The business has a 50 day moving average price of $12.62 and a 200-day moving average price of $14.58. The firm has a market cap of $6.52 billion, a price-to-earnings ratio of -13.90 and a beta of 1.97.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm's revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. Sell-side analysts predict that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.
Analysts Set New Price Targets
CLF has been the subject of a number of research analyst reports. 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. Morgan Stanley dropped their price objective 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 report on Tuesday, August 27th. Two research 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 stock. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus target price of $17.56.
Check Out Our Latest Stock Analysis on Cleveland-Cliffs
About Cleveland-Cliffs
(
Free Report)
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.
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