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

Teacher Retirement System of Texas bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the 1st quarter, HoldingsChannel reports. The fund bought 72,201 shares of the mining company’s stock, valued at approximately $593,000.

A number of other hedge funds also recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its holdings in Cleveland-Cliffs by 21.3% in the fourth quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after acquiring an additional 1,182 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Cleveland-Cliffs in the fourth quarter worth $7,835,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cleveland-Cliffs by 42.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,809 shares of the mining company’s stock worth $1,220,000 after purchasing an additional 38,982 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Cleveland-Cliffs by 487.8% in the 4th quarter. Farther Finance Advisors LLC now owns 5,990 shares of the mining company’s stock worth $56,000 after purchasing an additional 4,971 shares during the period. Finally, Avantax Advisory Services Inc. grew its holdings in Cleveland-Cliffs by 9.0% during the 4th quarter. Avantax Advisory Services Inc. now owns 17,848 shares of the mining company’s stock valued at $168,000 after purchasing an additional 1,479 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Activity at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president directly owned 492,249 shares of the company’s stock, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Trading Down 4.4%

Shares of NYSE:CLF opened at $9.07 on Wednesday. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -3.72 and a beta of 1.91. The business’s 50 day moving average price is $7.59 and its 200-day moving average price is $8.78. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $16.09.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CLF. The Goldman Sachs Group reduced their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a report on Monday. B. Riley restated a “buy” rating and set a $17.00 price target (down previously 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. Finally, Morgan Stanley lifted their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a research report on Friday, June 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and a consensus price target of $9.78.

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.