Strs Ohio Sells 14,124 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Strs Ohio reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 22.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 49,890 shares of the mining company’s stock after selling 14,124 shares during the period. Strs Ohio’s holdings in Cleveland-Cliffs were worth $1,018,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Exchange Traded Concepts LLC bought a new stake in shares of Cleveland-Cliffs during the third quarter valued at about $29,000. Anchor Investment Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at about $31,000. HighMark Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at about $35,000. Allworth Financial LP increased its position in shares of Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after buying an additional 619 shares during the period. Finally, Avior Wealth Management LLC increased its position in shares of Cleveland-Cliffs by 64.6% during the third quarter. Avior Wealth Management LLC now owns 2,469 shares of the mining company’s stock valued at $39,000 after buying an additional 969 shares during the period. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Down 11.1 %

Shares of CLF opened at $18.53 on Wednesday. The firm has a market cap of $8.81 billion, a P/E ratio of 24.07, a P/E/G ratio of 0.72 and a beta of 2.03. The stock has a 50 day simple moving average of $20.98 and a two-hundred day simple moving average of $18.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.89 and a quick ratio of 0.62. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Cleveland-Cliffs had a return on equity of 6.79% and a net margin of 1.81%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.11) EPS. On average, analysts forecast that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CLF has been the topic of several analyst reports. Argus cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. TheStreet cut shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research report on Tuesday, January 30th. Wolfe Research restated an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, April 9th. BNP Paribas cut shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective on the stock. in a research report on Wednesday, February 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $20.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $19.92.

Insiders Place Their Bets

In related news, Director Ron A. Bloom acquired 25,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was purchased at an average price of $20.24 per share, with a total value of $506,000.00. Following the completion of the purchase, the director now owns 27,221 shares in the company, valued at approximately $550,953.04. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares of the company’s stock, valued at $10,793,917.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ron A. Bloom acquired 25,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were bought at an average cost of $20.24 per share, with a total value of $506,000.00. Following the purchase, the director now owns 27,221 shares of the company’s stock, valued at approximately $550,953.04. The disclosure for this purchase can be found here. Insiders sold a total of 221,066 shares of company stock valued at $4,464,688 over the last quarter. 1.76% of the stock is owned by corporate insiders.

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.