State of Alaska Department of Revenue lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 10.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 63,835 shares of the mining company’s stock after selling 7,116 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cleveland-Cliffs were worth $1,069,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Cleveland-Cliffs by 3.8% during the first quarter. BlackRock Inc. now owns 56,453,183 shares of the mining company’s stock valued at $1,034,787,000 after acquiring an additional 2,041,111 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Cleveland-Cliffs by 0.9% during the third quarter. Vanguard Group Inc. now owns 45,757,539 shares of the mining company’s stock valued at $616,355,000 after acquiring an additional 387,794 shares in the last quarter. State Street Corp raised its holdings in shares of Cleveland-Cliffs by 18.6% during the second quarter. State Street Corp now owns 21,000,065 shares of the mining company’s stock valued at $322,771,000 after acquiring an additional 3,295,448 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cleveland-Cliffs by 2.1% during the first quarter. Geode Capital Management LLC now owns 7,476,201 shares of the mining company’s stock valued at $136,853,000 after acquiring an additional 150,571 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Cleveland-Cliffs by 13.1% during the first quarter. Dimensional Fund Advisors LP now owns 7,107,905 shares of the mining company’s stock valued at $130,282,000 after acquiring an additional 820,957 shares in the last quarter. Hedge funds and other institutional investors own 60.97% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts recently commented on CLF shares. StockNews.com began coverage on Cleveland-Cliffs in a report on Thursday, October 5th. They set a “hold” rating for the company. Citigroup upgraded Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Monday, September 25th. Finally, B. Riley decreased their price objective on Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus price target of $19.73.
Cleveland-Cliffs Trading Down 1.5 %
Cleveland-Cliffs stock opened at $15.16 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72. Cleveland-Cliffs Inc. has a one year low of $11.82 and a one year high of $22.83. The stock has a market capitalization of $7.71 billion, a PE ratio of 34.45 and a beta of 2.20. The business’s fifty day moving average is $15.02 and its 200 day moving average is $15.78.
Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its quarterly earnings data on Monday, July 24th. The mining company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $5.98 billion for 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 company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the business earned $1.31 earnings per share. On average, sell-side analysts predict that Cleveland-Cliffs Inc. will post 1.3 EPS for the current year.
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.
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