Retirement Systems of Alabama Buys 20,024 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Retirement Systems of Alabama lifted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 1.7% in the 4th quarter, HoldingsChannel reports. The fund owned 1,201,661 shares of the mining company’s stock after purchasing an additional 20,024 shares during the quarter. Retirement Systems of Alabama’s holdings in Cleveland-Cliffs were worth $11,296,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CLF. Sanctuary Advisors LLC bought a new position in Cleveland-Cliffs in the second quarter worth about $1,010,000. Daymark Wealth Partners LLC raised its stake in shares of Cleveland-Cliffs by 19.7% during the 3rd quarter. Daymark Wealth Partners LLC now owns 21,435 shares of the mining company’s stock worth $274,000 after acquiring an additional 3,535 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in Cleveland-Cliffs by 594.1% during the third quarter. Hexagon Capital Partners LLC now owns 11,800 shares of the mining company’s stock valued at $151,000 after acquiring an additional 10,100 shares during the last quarter. Carnegie Investment Counsel boosted its stake in Cleveland-Cliffs by 12.4% in the third quarter. Carnegie Investment Counsel now owns 101,267 shares of the mining company’s stock valued at $1,293,000 after acquiring an additional 11,210 shares in the last quarter. Finally, Douglas Lane & Associates LLC grew its holdings in Cleveland-Cliffs by 11.5% in the third quarter. Douglas Lane & Associates LLC now owns 2,795,416 shares of the mining company’s stock worth $35,697,000 after purchasing an additional 288,306 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 5.8 %

CLF stock opened at $10.05 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm’s fifty day simple moving average is $10.30 and its 200-day simple moving average is $11.96. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97. The company has a market capitalization of $4.96 billion, a P/E ratio of -10.36 and a beta of 1.96.

Analysts Set New Price Targets

Several brokerages have recently commented on CLF. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a research note on Tuesday, January 7th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. 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. Finally, The Goldman Sachs Group started 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 on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.68.

About Cleveland-Cliffs

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.