Illinois Municipal Retirement Fund Raises Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

Illinois Municipal Retirement Fund lifted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 38.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 164,170 shares of the mining company’s stock after buying an additional 45,247 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cleveland-Cliffs were worth $1,543,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Resources Inc. grew its holdings in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC purchased a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $18,999,000. Janus Henderson Group PLC grew its holdings in 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 purchasing an additional 187,957 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in Cleveland-Cliffs in the third quarter valued at approximately $22,122,000. Finally, First Dallas Securities Inc. grew its holdings in Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CLF shares. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Glj Research lowered their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $16.54.

Cleveland-Cliffs Trading Up 0.9 %

NYSE CLF opened at $10.83 on Friday. The company’s fifty day simple moving average is $10.34 and its 200-day simple moving average is $11.64. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. 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 $5.35 billion, a P/E ratio of -11.16 and a beta of 1.96.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS 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 firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Keith Koci purchased 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jane M. Cronin purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the acquisition, the director now directly owns 24,522 shares of the company’s stock, valued at $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.76% 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.