Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lowered its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 888,035 shares of the mining company’s stock after selling 58,138 shares during the quarter. California Public Employees Retirement System owned 0.18% of Cleveland-Cliffs worth $18,134,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Exchange Traded Concepts LLC acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $29,000. Anchor Investment Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at approximately $31,000. Lindbrook Capital LLC lifted its holdings in shares of Cleveland-Cliffs by 83.7% in the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares during the last quarter. HighMark Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $35,000. Finally, Allworth Financial LP boosted its position in shares of Cleveland-Cliffs by 50.3% during the 4th quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock worth $38,000 after purchasing an additional 619 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Activity

In related news, Director Arlene M. Yocum purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs 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 transaction, the chief executive officer now directly owns 2,699,089 shares of the company’s stock, valued at approximately $54,494,606.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arlene M. Yocum acquired 2,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were acquired at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now directly owns 94,887 shares in the company, valued at approximately $1,899,637.74. The disclosure for this purchase can be found here. In the last quarter, insiders sold 221,066 shares of company stock worth $4,464,688. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Stock Up 1.0 %

CLF stock opened at $18.06 on Tuesday. The company’s 50 day moving average price is $20.87 and its 200 day moving average price is $19.05. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 0.66 and a beta of 2.03. Cleveland-Cliffs Inc. has a fifty-two week low of $13.61 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.59 and a current ratio of 1.90.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.11) earnings per share. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post 1.56 EPS for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a share repurchase program on Monday, April 22nd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the mining company to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have commented on CLF. BNP Paribas cut Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target on the stock. in a research note on Wednesday, February 28th. TheStreet downgraded Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Finally, Citigroup downgraded shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 target price on the stock. in a research note on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.75.

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.