Teachers Retirement System of The State of Kentucky Sells 4,160 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 2.4% in the 3rd quarter, Holdings Channel reports. The firm owned 167,440 shares of the mining company’s stock after selling 4,160 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Cleveland-Cliffs were worth $2,138,000 at the end of the most recent quarter.

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

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $9.95 on Tuesday. Cleveland-Cliffs Inc. has a fifty-two week low of $9.90 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of -10.26 and a beta of 1.92. The stock’s 50-day simple moving average is $12.49 and its 200-day simple moving average is $13.45.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The company 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CLF shares. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. The Goldman Sachs Group started coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Citigroup cut their target price 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. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $17.39.

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.