New York State Teachers Retirement System Lowers Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Posted by Defense World Staff on Apr 15th, 2023

Cleveland-Cliffs logo New York State Teachers Retirement System reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 530,497 shares of the mining company’s stock after selling 9,847 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Cleveland-Cliffs worth $8,546,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. JB Capital LLC raised its stake in Cleveland-Cliffs by 1.8% in the fourth quarter. JB Capital LLC now owns 30,175 shares of the mining company’s stock valued at $486,000 after buying an additional 544 shares in the last quarter. Cibc World Market Inc. raised its stake in Cleveland-Cliffs by 1.1% in the first quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company’s stock valued at $1,873,000 after buying an additional 623 shares in the last quarter. Lazard Asset Management LLC raised its stake in Cleveland-Cliffs by 218.1% in the first quarter. Lazard Asset Management LLC now owns 1,088 shares of the mining company’s stock valued at $35,000 after buying an additional 746 shares in the last quarter. Signaturefd LLC raised its stake in Cleveland-Cliffs by 16.4% in the third quarter. Signaturefd LLC now owns 5,867 shares of the mining company’s stock valued at $79,000 after buying an additional 827 shares in the last quarter. Finally, Zullo Investment Group Inc. increased its position in shares of Cleveland-Cliffs by 25.0% during the third quarter. Zullo Investment Group Inc. now owns 4,500 shares of the mining company’s stock worth $61,000 after purchasing an additional 900 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $17.36 on Friday. The firm has a market cap of $8.94 billion, a PE ratio of 6.92 and a beta of 2.22. Cleveland-Cliffs Inc. has a 1 year low of $11.82 and a 1 year high of $32.72. The firm’s 50-day simple moving average is $19.23 and its 200-day simple moving average is $17.35. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.65 and a current ratio of 2.09.

Cleveland-Cliffs (NYSE:CLF – Get Rating) last released its quarterly earnings results on Monday, February 13th. The mining company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.03. The company had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Cleveland-Cliffs had a return on equity of 22.07% and a net margin of 5.81%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.78 earnings per share. Equities analysts forecast that Cleveland-Cliffs Inc. will post 2.04 earnings per share for the current fiscal year.

Insider Activity

In other Cleveland-Cliffs news, Director Susan Miranda Green sold 8,700 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $22.66, for a total value of $197,142.00. Following the transaction, the director now owns 87,353 shares in the company, valued at $1,979,418.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cleveland-Cliffs news, Director Susan Miranda Green sold 8,700 shares of Cleveland-Cliffs stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $22.66, for a total transaction of $197,142.00. Following the completion of the sale, the director now owns 87,353 shares of the company’s stock, valued at approximately $1,979,418.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas C. Taylor sold 42,000 shares of Cleveland-Cliffs stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $21.25, for a total transaction of $892,500.00. Following the completion of the sale, the director now directly owns 118,469 shares of the company’s stock, valued at approximately $2,517,466.25. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CLF. B. Riley cut their target price on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, February 15th. Citigroup lifted their target price on Cleveland-Cliffs from $16.00 to $22.00 and gave the stock a “neutral” rating in a research report on Monday, February 13th. UBS Group began coverage on Cleveland-Cliffs in a report on Friday, December 16th. They set a “neutral” rating and a $17.00 price target on the stock. StockNews.com began coverage on Cleveland-Cliffs in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group raised their price target on Cleveland-Cliffs from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, January 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $22.11.

Cleveland-Cliffs Profile

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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.