Retirement Systems of Alabama Sells 18,295 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Retirement Systems of Alabama reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,181,637 shares of the mining company’s stock after selling 18,295 shares during the period. Retirement Systems of Alabama owned 0.24% of Cleveland-Cliffs worth $15,090,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CLF. Twelve Points Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after buying an additional 49,359 shares during the period. Janus Henderson Group PLC lifted its position in shares of Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after acquiring an additional 187,957 shares in the last quarter. First Dallas Securities Inc. boosted its stake in shares of Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock worth $2,640,000 after acquiring an additional 45,150 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs during the third quarter worth about $22,122,000. Finally, Barclays PLC raised its stake in Cleveland-Cliffs by 232.4% during the 3rd 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. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CLF has been the subject of a number of research reports. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.39.

Cleveland-Cliffs Trading Down 6.8 %

CLF stock opened at $10.21 on Monday. Cleveland-Cliffs Inc. has a 12-month low of $10.18 and a 12-month high of $22.97. The business’s 50-day moving average is $12.55 and its 200 day moving average is $13.50. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of -10.53 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. The business’s revenue was down 18.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

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.