California State Teachers Retirement System Cuts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

California State Teachers Retirement System lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 675,708 shares of the mining company’s stock after selling 30,897 shares during the period. California State Teachers Retirement System owned approximately 0.14% of Cleveland-Cliffs worth $15,366,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Cleveland-Cliffs in the 4th quarter valued at about $117,585,000. Sound Shore Management Inc. CT boosted its stake in shares of Cleveland-Cliffs by 9.0% during the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock worth $82,446,000 after acquiring an additional 334,739 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Cleveland-Cliffs by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock valued at $72,328,000 after purchasing an additional 194,948 shares in the last quarter. Castle Hook Partners LP boosted its position in Cleveland-Cliffs by 13.8% during the first quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after purchasing an additional 410,182 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Cleveland-Cliffs by 10.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock valued at $65,589,000 after purchasing an additional 275,265 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ben Oren acquired 6,700 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average price of $14.99 per share, with a total value of $100,433.00. Following the completion of the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the acquisition, the chief financial officer now owns 314,362 shares in the company, valued at approximately $4,709,142.76. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the completion of the transaction, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Trading Down 3.8 %

Shares of CLF opened at $14.09 on Friday. Cleveland-Cliffs Inc. has a twelve month low of $13.84 and a twelve month high of $22.97. The firm has a market capitalization of $6.59 billion, a P/E ratio of 19.77, a price-to-earnings-growth ratio of 2.04 and a beta of 2.03. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The stock’s fifty day simple moving average is $15.63 and its 200 day simple moving average is $18.30.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period last year, the business posted $0.69 EPS. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current year.

Cleveland-Cliffs announced that its board has initiated a stock buyback program on Monday, April 22nd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the mining company to buy up to 17.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of research reports. Seaport Res Ptn raised shares of Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. Bank of America cut their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. StockNews.com downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their target price for the company from $23.00 to $17.00 in a research note on Tuesday, June 11th. Finally, Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $19.44.

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.