Teachers Retirement System of The State of Kentucky Sells 1,500 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Teachers Retirement System of The State of Kentucky lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,733 shares of the mining company’s stock after selling 1,500 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Cleveland-Cliffs were worth $1,520,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CLF. Invesco Ltd. lifted its stake in Cleveland-Cliffs by 8.9% in the second quarter. Invesco Ltd. now owns 8,116,235 shares of the mining company’s stock valued at $174,986,000 after buying an additional 661,148 shares during the period. Gendell Jeffrey L grew its holdings in Cleveland-Cliffs by 90.8% during the second quarter. Gendell Jeffrey L now owns 6,679,094 shares of the mining company’s stock worth $144,001,000 after buying an additional 3,179,094 shares in the last quarter. Morgan Stanley grew its holdings in Cleveland-Cliffs by 41.6% during the second quarter. Morgan Stanley now owns 5,830,455 shares of the mining company’s stock worth $125,705,000 after buying an additional 1,712,464 shares in the last quarter. Millennium Management LLC grew its holdings in Cleveland-Cliffs by 114.3% during the second quarter. Millennium Management LLC now owns 5,507,588 shares of the mining company’s stock worth $118,744,000 after buying an additional 2,937,698 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in Cleveland-Cliffs by 56.9% during the second quarter. Neuberger Berman Group LLC now owns 3,686,297 shares of the mining company’s stock worth $78,761,000 after buying an additional 1,336,318 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

A number of brokerages have recently commented on CLF. The Goldman Sachs Group raised Cleveland-Cliffs from a “neutral” rating to a “buy” rating and dropped their price target for the company from $26.00 to $24.00 in a research report on Wednesday, October 6th. Wolfe Research cut Cleveland-Cliffs from an “outperform” rating to a “peer perform” rating and set a $23.00 price target on the stock. in a report on Tuesday. B. Riley increased their price objective on Cleveland-Cliffs from $36.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, October 25th.
Morgan Stanley raised their price target on Cleveland-Cliffs from $22.50 to $23.50 and gave the stock an “equal weight” rating in a research report on Monday, November 29th. Finally, Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 price target on the stock in a research report on Tuesday, January 4th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of “Buy” and a consensus price target of $26.17.

NYSE:CLF opened at $22.05 on Friday. Cleveland-Cliffs Inc. has a 12 month low of $12.77 and a 12 month high of $26.51. The company has a current ratio of 2.18, a quick ratio of 0.81 and a debt-to-equity ratio of 1.25. The business’s 50-day moving average is $21.45 and its 200 day moving average is $22.20. The company has a market capitalization of $11.03 billion, a P/E ratio of 5.70 and a beta of 2.20.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Thursday, October 21st. The mining company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.10. The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.63 billion. Cleveland-Cliffs had a return on equity of 75.62% and a net margin of 12.44%. Cleveland-Cliffs’s revenue was up 264.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 earnings per share. On average, research analysts forecast that Cleveland-Cliffs Inc. will post 6.13 earnings per share for the current year.

In related news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the business’s stock in a transaction on Monday, November 29th. The shares were bought at an average cost of $21.18 per share, with a total value of $105,900.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Keith Koci bought 10,000 shares of the company’s stock in a transaction dated Friday, November 19th. The shares were acquired at an average price of $21.83 per share, for a total transaction of $218,300.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 80,000 shares of company stock valued at $1,613,400. Company insiders own 1.34% 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.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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