Public Employees Retirement Association of Colorado Increases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Public Employees Retirement Association of Colorado raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 10.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,142 shares of the mining company’s stock after purchasing an additional 5,765 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Cleveland-Cliffs were worth $575,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at about $45,381,000. Slate Path Capital LP raised its stake in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the period. Vanguard Group Inc. lifted its position in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after purchasing an additional 2,556,332 shares in the last quarter. Barclays PLC boosted its stake in shares of Cleveland-Cliffs by 232.4% in the third quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after purchasing an additional 2,176,837 shares during the period. Finally, American Century Companies Inc. grew its holdings in Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company’s stock valued at $33,988,000 after purchasing an additional 2,079,589 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the acquisition, the director now owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John T. Baldwin purchased 4,000 shares of the stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $8.70 per share, with a total value of $34,800.00. Following the transaction, the director now directly owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 23,500 shares of company stock valued at $243,095 over the last quarter. Insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $8.46 on Friday. The business has a 50 day simple moving average of $8.64 and a 200-day simple moving average of $10.37. Cleveland-Cliffs Inc. has a twelve month low of $6.17 and a twelve month high of $18.10. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of -8.72 and a beta of 1.93. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CLF shares. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group reduced their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. B. Riley restated a “buy” rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Finally, Glj Research reduced their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.49.

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.