New York State Common Retirement Fund Has $6.96 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

New York State Common Retirement Fund trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 13.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 340,649 shares of the mining company’s stock after selling 54,986 shares during the period. New York State Common Retirement Fund owned about 0.07% of Cleveland-Cliffs worth $6,956,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CLF. RWA Wealth Partners LLC raised its position in Cleveland-Cliffs by 1.4% in the 4th quarter. RWA Wealth Partners LLC now owns 105,150 shares of the mining company’s stock valued at $2,147,000 after buying an additional 1,450 shares during the last quarter. Lindbrook Capital LLC raised its holdings 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 valued at $32,000 after purchasing an additional 716 shares during the last quarter. Xponance Inc. raised its holdings in shares of Cleveland-Cliffs by 2.4% in the fourth quarter. Xponance Inc. now owns 67,373 shares of the mining company’s stock valued at $1,376,000 after purchasing an additional 1,596 shares during the last quarter. Ninety One SA PTY Ltd bought a new stake in shares of Cleveland-Cliffs in the fourth quarter worth $8,902,000. Finally, Ninety One UK Ltd acquired a new position in Cleveland-Cliffs during the fourth quarter worth $27,928,000. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

In other news, Director Ron A. Bloom bought 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were bought at an average price of $17.00 per share, with a total value of $425,000.00. Following the completion of the transaction, the director now owns 59,900 shares of the company’s stock, valued at $1,018,300. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Ron A. Bloom purchased 25,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $425,000.00. Following the purchase, the director now directly owns 59,900 shares of the company’s stock, valued at approximately $1,018,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the completion of the transaction, the chief executive officer now directly 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 three months, insiders have purchased 87,000 shares of company stock valued at $1,470,640 and have sold 221,066 shares valued at $4,464,688. Insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CLF shares. Wolfe Research reiterated an “underperform” rating and issued a $18.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Argus downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Finally, B. Riley dropped their price objective on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Tuesday. 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 MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus target price of $20.42.

Cleveland-Cliffs Stock Up 1.9 %

CLF stock opened at $17.60 on Friday. The business’s 50 day simple moving average is $20.61 and its 200 day simple moving average is $19.07. Cleveland-Cliffs Inc. has a 1-year low of $13.61 and a 1-year high of $22.97. The firm has a market capitalization of $8.37 billion, a PE ratio of 23.78, a PEG ratio of 0.79 and a beta of 2.10. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49.

Cleveland-Cliffs (NYSE:CLF) last issued 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). The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. Cleveland-Cliffs’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.11) earnings per share. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post 1.22 EPS for the current year.

Cleveland-Cliffs declared that its Board of Directors has initiated a share buyback program on Monday, April 22nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the mining company to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

About Cleveland-Cliffs

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.