Cleveland-Cliffs Inc. $CLF Position Increased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 37.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,221 shares of the mining company’s stock after buying an additional 73,517 shares during the period. State of New Jersey Common Pension Fund D owned 0.05% of Cleveland-Cliffs worth $2,054,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CLF. Woodline Partners LP bought a new position in Cleveland-Cliffs during the first quarter valued at about $22,696,000. Jump Financial LLC raised its holdings in Cleveland-Cliffs by 362.5% during the first quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock valued at $24,661,000 after buying an additional 2,351,372 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Cleveland-Cliffs by 168.8% during the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company’s stock valued at $29,225,000 after buying an additional 2,232,799 shares in the last quarter. Nuveen LLC bought a new position in Cleveland-Cliffs during the first quarter valued at about $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Cleveland-Cliffs by 231.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock valued at $12,838,000 after buying an additional 1,090,237 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Up 0.1%

Shares of NYSE:CLF opened at $14.10 on Thursday. The company has a market cap of $6.98 billion, a P/E ratio of -4.15 and a beta of 1.96. The stock’s 50-day moving average is $12.21 and its 200-day moving average is $9.73. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.03. The company had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the business posted ($0.33) earnings per share. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CLF shares. The Goldman Sachs Group raised their target price on Cleveland-Cliffs from $12.85 to $14.50 and gave the company a “buy” rating in a report on Thursday, October 9th. Morgan Stanley raised their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. KeyCorp raised their target price on Cleveland-Cliffs from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. raised their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Finally, Bank of America raised their price target on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.73.

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.