Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Arizona State Retirement System

Arizona State Retirement System trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 141,553 shares of the mining company’s stock after selling 1,453 shares during the period. Arizona State Retirement System’s holdings in Cleveland-Cliffs were worth $1,164,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Summit Investment Advisors Inc. lifted its position in Cleveland-Cliffs by 1.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company’s stock worth $911,000 after buying an additional 932 shares in the last quarter. Ancora Advisors LLC increased its stake in Cleveland-Cliffs by 5.4% during the fourth quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company’s stock worth $267,000 after acquiring an additional 1,450 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Cleveland-Cliffs by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company’s stock worth $465,000 after acquiring an additional 1,475 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in Cleveland-Cliffs by 9.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock worth $168,000 after acquiring an additional 1,479 shares during the last quarter. Finally, Hunter Associates Investment Management LLC increased its stake in Cleveland-Cliffs by 3.1% during the first quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company’s stock worth $406,000 after acquiring an additional 1,500 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CLF has been the subject of a number of research reports. B. Riley reaffirmed a “buy” rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note 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 objective for the company. in a research note on Wednesday, May 28th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $7.50 price objective on shares of Cleveland-Cliffs in a research note on Monday, July 14th. The Goldman Sachs Group dropped their price objective on 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, Morgan Stanley lifted their price objective 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. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $9.78.

Cleveland-Cliffs Stock Up 1.3%

Shares of NYSE CLF opened at $9.51 on Friday. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -3.90 and a beta of 1.91. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. The business has a 50-day moving average of $7.70 and a two-hundred day moving average of $8.78. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.00.

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

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company’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 directly owned 492,249 shares of the company’s stock, valued at $3,371,905.65. This represents a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.71% of the company’s stock.

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.