California Public Employees Retirement System Decreases Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

California Public Employees Retirement System cut its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 888,035 shares of the mining company’s stock after selling 58,138 shares during the quarter. California Public Employees Retirement System’s holdings in Cleveland-Cliffs were worth $18,134,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter worth $29,000. Anchor Investment Management LLC acquired a new position in shares of Cleveland-Cliffs in the fourth quarter worth about $31,000. Lindbrook Capital LLC lifted its stake in shares of Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares in the last quarter. HighMark Wealth Management LLC purchased a new position in Cleveland-Cliffs in the fourth quarter valued at about $35,000. Finally, Allworth Financial LP grew its stake in Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Up 1.0 %

Shares of NYSE:CLF opened at $18.06 on Tuesday. The company’s fifty day moving average is $20.87 and its two-hundred day moving average is $19.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.97. The stock has a market capitalization of $8.59 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 0.66 and a beta of 2.03.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same quarter last year, the company earned ($0.11) EPS. Cleveland-Cliffs’s revenue was down 1.8% compared to the same quarter last year. Equities analysts anticipate that Cleveland-Cliffs Inc. will post 1.56 EPS 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 repurchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective on the stock. in a research note on Wednesday, February 28th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. Argus lowered shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, JPMorgan Chase & Co. decreased their price target on Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.75.

Insider Transactions at Cleveland-Cliffs

In related news, Director Arlene M. Yocum acquired 2,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average price of $20.02 per share, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Arlene M. Yocum acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $20.02 per share, with a total value of $40,040.00. Following the acquisition, the director now directly owns 94,887 shares in the company, valued at $1,899,637.74. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the completion of the sale, the chief executive officer now owns 2,699,089 shares in the company, valued at $54,494,606.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 221,066 shares of company stock worth $4,464,688. 1.76% of the stock is currently owned by company insiders.

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.