Oregon Public Employees Retirement Fund lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,245 shares of the mining company’s stock after selling 5,607 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Cleveland-Cliffs were worth $3,249,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $26,000. Optimum Investment Advisors bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $34,000. Tobam bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at $35,000. Glassman Wealth Services increased its position in shares of Cleveland-Cliffs by 182.9% in the 3rd quarter. Glassman Wealth Services now owns 1,856 shares of the mining company’s stock valued at $37,000 after buying an additional 1,200 shares in the last quarter. Finally, IndexIQ Advisors LLC increased its position in shares of Cleveland-Cliffs by 62.5% in the 3rd quarter. IndexIQ Advisors LLC now owns 1,882 shares of the mining company’s stock valued at $37,000 after buying an additional 724 shares in the last quarter. Institutional investors and hedge funds own 59.73% of the company’s stock.
CLF has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on shares of Cleveland-Cliffs in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Wolfe Research cut Cleveland-Cliffs from an “outperform” rating to a “peer perform” rating and set a $23.00 target price for the company. in a report on Tuesday, January 11th. B. Riley increased their target price on Cleveland-Cliffs from $37.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, March 28th. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c+” rating in a report on Tuesday, March 1st. Finally, JPMorgan Chase & Co. increased their target price on Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 24th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $28.64.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings data on Friday, February 11th. The mining company reported $1.78 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.03 by ($0.25). Cleveland-Cliffs had a net margin of 14.62% and a return on equity of 80.10%. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $5.65 billion. During the same quarter in the previous year, the business earned $0.24 EPS. Cleveland-Cliffs’s revenue was up 137.0% on a year-over-year basis. On average, sell-side analysts expect that Cleveland-Cliffs Inc. will post 5.52 EPS for the current year.
About Cleveland-Cliffs (Get Rating)
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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