State of New Jersey Common Pension Fund D Cuts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

State of New Jersey Common Pension Fund D reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 183,067 shares of the mining company’s stock after selling 14,348 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Cleveland-Cliffs were worth $2,338,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Cleveland-Cliffs by 54.7% in the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after purchasing an additional 5,621,797 shares during the last quarter. AQR Capital Management LLC raised its position in Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after buying an additional 2,027,757 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares during the period. Castle Hook Partners LP boosted its holdings in shares of Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after acquiring an additional 410,182 shares during the last quarter. Finally, Drexel Morgan & Co. grew its stake in shares of Cleveland-Cliffs by 3.8% in the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after acquiring an additional 116,400 shares during the period. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Down 0.5 %

CLF stock opened at $11.93 on Thursday. The business’s 50-day moving average price is $12.61 and its 200-day moving average price is $14.36. The stock has a market cap of $5.89 billion, a P/E ratio of -12.29 and a beta of 1.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $10.21 and a twelve month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 earnings per share. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on CLF shares. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average price target of $17.56.

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.