Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 8.6% in the 1st quarter, HoldingsChannel reports. The firm owned 190,646 shares of the mining company’s stock after selling 17,974 shares during the period. Public Employees Retirement System of Ohio’s holdings in Cleveland-Cliffs were worth $4,335,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CLF. Aristides Capital LLC purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter valued at approximately $222,000. Price T Rowe Associates Inc. MD increased its holdings in Cleveland-Cliffs by 10.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after buying an additional 275,265 shares during the last quarter. LRI Investments LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at $45,000. Delap Wealth Advisory LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter worth about $218,000. Finally, Castle Hook Partners LP boosted its position in shares of Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after acquiring an additional 410,182 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Up 2.6 %

Cleveland-Cliffs stock opened at $15.36 on Thursday. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $15.66 and a two-hundred day moving average of $18.32. Cleveland-Cliffs Inc. has a twelve month low of $13.84 and a twelve month high of $22.97. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 20.76, a PEG ratio of 1.98 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.69 EPS. As a group, research analysts expect that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current year.

Cleveland-Cliffs announced that its board has approved a stock repurchase plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Cleveland-Cliffs

In related news, Director Ben Oren purchased 6,700 shares of the stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now directly owns 14,167 shares in the company, valued at approximately $212,363.33. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Ben Oren purchased 6,700 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average price of $14.99 per share, with a total value of $100,433.00. Following the purchase, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the acquisition, the chief financial officer now directly owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. 1.76% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CLF shares. B. Riley reaffirmed a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. StockNews.com lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. Finally, Jefferies Financial Group started coverage on Cleveland-Cliffs in a report on Monday, May 20th. They issued a “buy” rating and a $22.00 target price for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.44.

About Cleveland-Cliffs

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.