Public Employees Retirement System of Ohio Sells 1,805 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Public Employees Retirement System of Ohio trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,523 shares of the mining company’s stock after selling 1,805 shares during the period. Public Employees Retirement System of Ohio’s holdings in Cleveland-Cliffs were worth $1,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Slate Path Capital LP boosted its position in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after buying an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Cleveland-Cliffs by 20.1% during the 4th quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after buying an additional 1,236,247 shares during the period. Vanguard Group Inc. increased its holdings in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cleveland-Cliffs by 22.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock worth $12,209,000 after purchasing an additional 242,386 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Cleveland-Cliffs during the 4th quarter worth about $4,432,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president now owns 492,249 shares of the company’s stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John T. Baldwin bought 4,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. This trade represents a 3.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CLF. B. Riley reiterated a “buy” rating and set a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research cut Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target for the company. in a report on Wednesday, May 28th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, The Goldman Sachs Group reduced their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.74.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $7.22 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $17.41. The company has a market cap of $3.57 billion, a P/E ratio of -7.44 and a beta of 2.03. The business has a fifty day simple moving average of $7.50 and a 200 day simple moving average of $9.46.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal 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.