Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by New York State Common Retirement Fund

Posted by Defense World Staff on Aug 3rd, 2023

Cleveland-Cliffs logo New York State Common Retirement Fund cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 8.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 473,494 shares of the mining company’s stock after selling 42,183 shares during the quarter. New York State Common Retirement Fund owned approximately 0.09% of Cleveland-Cliffs worth $8,679,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Yousif Capital Management LLC lifted its holdings in Cleveland-Cliffs by 0.7% in the first quarter. Yousif Capital Management LLC now owns 265,457 shares of the mining company’s stock valued at $4,866,000 after acquiring an additional 1,830 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Cleveland-Cliffs by 32.2% in the first quarter. Daiwa Securities Group Inc. now owns 38,968 shares of the mining company’s stock valued at $714,000 after acquiring an additional 9,494 shares during the period. Friedenthal Financial acquired a new position in Cleveland-Cliffs in the first quarter valued at approximately $688,000. Victory Capital Management Inc. raised its stake in shares of Cleveland-Cliffs by 20.6% during the 1st quarter. Victory Capital Management Inc. now owns 270,261 shares of the mining company’s stock worth $4,954,000 after buying an additional 46,103 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of Cleveland-Cliffs by 19.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 12,420 shares of the mining company’s stock worth $228,000 after buying an additional 2,000 shares during the period. 62.92% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 5.5 %

Shares of NYSE:CLF opened at $16.70 on Thursday. The company has a quick ratio of 0.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average of $16.25 and a two-hundred day moving average of $17.61. The stock has a market cap of $8.49 billion, a P/E ratio of 37.96 and a beta of 2.20. Cleveland-Cliffs Inc. has a 52-week low of $11.82 and a 52-week high of $22.83.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last issued its earnings results on Monday, July 24th. The mining company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The company had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Cleveland-Cliffs had a net margin of 1.04% and a return on equity of 3.77%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.31 earnings per share. On average, research analysts expect that Cleveland-Cliffs Inc. will post 1.6 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CLF. B. Riley reduced their target price on Cleveland-Cliffs from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday. StockNews.com raised Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. initiated coverage on Cleveland-Cliffs in a research note on Tuesday, May 23rd. They set a “neutral” rating and a $18.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.53.

Read Our Latest Analysis on Cleveland-Cliffs

Cleveland-Cliffs Profile

(Free Report)

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.