161,338 Shares in Cleveland-Cliffs Inc. $CLF Bought by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio purchased 161,338 Cleveland-Cliffs shares worth approximately $1.5 million, while institutional investors collectively own 67.68% of the stock.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share—slightly better than analyst expectations.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $11.76; shares recently opened at $12.49.

Public Employees Retirement System of Ohio purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 161,338 shares of the mining company's stock, valued at approximately $1,515,000.

A number of other hedge funds have also added to or reduced their stakes in CLF. BlackRock Inc. purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth about $522,766,000. State Street Corp increased its position in shares of Cleveland-Cliffs by 14.2% during the fourth quarter. State Street Corp now owns 29,278,156 shares of the mining company's stock valued at $388,814,000 after buying an additional 3,632,150 shares during the period. Castle Hook Partners LP raised its stake in Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock worth $240,143,000 after buying an additional 15,393,507 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company's stock worth $130,873,000 after buying an additional 925,031 shares during the period. Finally, Maple Rock Capital Partners Inc. lifted its holdings in Cleveland-Cliffs by 90.1% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company's stock worth $164,117,000 after buying an additional 5,855,830 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Down 0.1%

Cleveland-Cliffs stock opened at $12.49 on Tuesday. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of -7.71 and a beta of 2.10. The stock has a fifty day simple moving average of $11.07 and a two-hundred day simple moving average of $10.71. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period in the prior year, the company posted ($0.50) earnings per share. The company's quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Morgan Stanley reaffirmed an "equal weight" rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Glj Research raised Cleveland-Cliffs from a "hold" rating to a "buy" rating and increased their target price for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Citigroup restated a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Bank of America dropped their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Finally, Wells Fargo & Company upped their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a research note on Monday, August 24th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $11.76.

Cleveland-Cliffs Company Profile

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.

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