Cleveland-Cliffs Inc. $CLF Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 21.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 211,228 shares of the mining company’s stock after selling 58,993 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Cleveland-Cliffs were worth $2,577,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Cleveland-Cliffs by 1.4% in the third quarter. PNC Financial Services Group Inc. now owns 301,225 shares of the mining company’s stock worth $3,675,000 after acquiring an additional 4,097 shares during the period. Cidel Asset Management Inc. grew its position in shares of Cleveland-Cliffs by 12.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 17,148 shares of the mining company’s stock valued at $209,000 after acquiring an additional 1,900 shares during the period. PCA Investment Advisory Services Inc. purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $279,000. Profund Advisors LLC acquired a new position in Cleveland-Cliffs in the 3rd quarter worth about $135,000. Finally, Birmingham Capital Management Co. Inc. AL raised its holdings in Cleveland-Cliffs by 201.7% in the 3rd quarter. Birmingham Capital Management Co. Inc. AL now owns 44,875 shares of the mining company’s stock worth $547,000 after purchasing an additional 30,000 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Edilson Camara purchased 19,700 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were purchased at an average cost of $10.13 per share, for a total transaction of $199,561.00. Following the completion of the transaction, the director owned 41,983 shares of the company’s stock, valued at $425,287.79. The trade was a 88.41% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Clifford T. Smith sold 200,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the sale, the chief operating officer directly owned 560,529 shares of the company’s stock, valued at approximately $5,863,133.34. This represents a 26.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CLF. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. KeyCorp cut shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, January 7th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $11.00 to $12.00 in a research report on Friday, November 14th. Citigroup increased their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $15.00 target price on shares of Cleveland-Cliffs in a research report on Monday, February 9th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.89.

Cleveland-Cliffs Stock Up 3.7%

Shares of CLF opened at $10.66 on Friday. The stock has a 50 day moving average price of $13.14 and a 200 day moving average price of $12.27. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of -3.65 and a beta of 1.93.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same quarter last year, the firm posted ($0.68) EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. Equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.