Public Employees Retirement System of Ohio Cuts Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Public Employees Retirement System of Ohio cut its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,328 shares of the mining company’s stock after selling 11,125 shares during the period. Public Employees Retirement System of Ohio’s holdings in Cleveland-Cliffs were worth $2,137,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Altus Wealth Group LLC increased its position in shares of Cleveland-Cliffs by 7.2% during the 3rd quarter. Altus Wealth Group LLC now owns 11,900 shares of the mining company’s stock valued at $152,000 after purchasing an additional 800 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Cleveland-Cliffs by 7.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after buying an additional 949 shares during the period. Clear Creek Financial Management LLC increased its holdings in Cleveland-Cliffs by 6.9% during the second quarter. Clear Creek Financial Management LLC now owns 15,450 shares of the mining company’s stock worth $238,000 after buying an additional 1,000 shares during the last quarter. National Bank of Canada FI boosted its stake in Cleveland-Cliffs by 16.2% in the second quarter. National Bank of Canada FI now owns 8,428 shares of the mining company’s stock valued at $129,000 after acquiring an additional 1,173 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in Cleveland-Cliffs by 3.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company’s stock valued at $515,000 after acquiring an additional 1,237 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $9.89 on Wednesday. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -10.20 and a beta of 1.92. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $12.49 and a 200 day simple moving average of $13.45. Cleveland-Cliffs Inc. has a 52 week low of $9.62 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 EPS. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CLF has been the topic of a number of research reports. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Citigroup lowered their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.39.

About Cleveland-Cliffs

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.