California State Teachers Retirement System Buys 123,660 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• California State Teachers Retirement System increased its Cleveland-Cliffs stake by 23%, buying 123,660 shares to hold 662,180 shares valued at approximately $5.6 million. Institutional investors collectively own 67.68% of the company.
• Cleveland-Cliffs recently reported quarterly revenue of $5.23 billion, up 5.9% year over year, and adjusted its loss to $0.20 per share—slightly better than analysts expected. However, the company continues to report negative margins and return on equity.
• Analyst sentiment remains mixed, with ratings ranging from buy to sell; the consensus rating is “Hold” and the average price target is $11.86, below the stock’s reported $12.25 opening price.

California State Teachers Retirement System raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 23.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 662,180 shares of the mining company's stock after purchasing an additional 123,660 shares during the period. California State Teachers Retirement System owned 0.12% of Cleveland-Cliffs worth $5,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in CLF. Public Employees Retirement System of Ohio raised its stake in shares of Cleveland-Cliffs by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company's stock worth $1,855,000 after acquiring an additional 943 shares in the last quarter. Moors & Cabot Inc. grew its stake in Cleveland-Cliffs by 3.0% during the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company's stock worth $404,000 after buying an additional 960 shares during the last quarter. Rexford Capital Inc. increased its position in Cleveland-Cliffs by 11.8% during the 4th quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company's stock valued at $126,000 after buying an additional 1,000 shares in the last quarter. IFP Advisors Inc increased its position in Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock valued at $29,000 after buying an additional 1,200 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company's stock valued at $33,000 after buying an additional 1,214 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Stock Down 3.2%

CLF stock opened at $12.25 on Friday. The firm's fifty day simple moving average is $11.39 and its 200-day simple moving average is $10.93. The company has a market capitalization of $6.99 billion, a P/E ratio of -7.56 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70.

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 for the quarter, topping the consensus estimate 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 company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the firm earned ($0.50) EPS. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company's stock, valued at $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.95% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CLF shares. Barclays boosted their price target on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. Glj Research raised shares of Cleveland-Cliffs from a "hold" rating to a "buy" rating and increased their price objective for the company from $15.01 to $15.60 in a research report on Friday, July 24th. JPMorgan Chase & Co. lowered their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Finally, Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a report on Friday, July 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 stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $11.86.

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.

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