Teacher Retirement System of Texas Invests $593,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Teacher Retirement System of Texas bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 72,201 shares of the mining company’s stock, valued at approximately $593,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position 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 acquiring an additional 2,556,332 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock worth $199,724,000 after acquiring an additional 647,282 shares during the period. Slate Path Capital LP lifted its position in Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cleveland-Cliffs by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after acquiring an additional 264,078 shares during the period. Finally, Fairfax Financial Holdings Ltd. Can acquired a new stake in Cleveland-Cliffs during the fourth quarter valued at approximately $55,453,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP James D. Graham sold 120,000 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president owned 492,249 shares of the company’s stock, valued at approximately $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.76% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CLF has been the topic of several analyst reports. B. Riley reissued a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research lowered shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. Morgan Stanley boosted their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Friday, June 20th. The Goldman Sachs Group dropped their price objective on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research note on Monday, May 12th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.50 target price on shares of Cleveland-Cliffs in a report on Monday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average price target of $9.78.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $9.07 on Wednesday. The business has a 50 day moving average price of $7.59 and a 200-day moving average price of $8.78. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.09. The company has a market cap of $4.48 billion, a PE ratio of -3.72 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. Cleveland-Cliffs’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Cleveland-Cliffs Company 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.