Illinois Municipal Retirement Fund Has $2.07 Million Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Illinois Municipal Retirement Fund lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 53.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 252,066 shares of the mining company's stock after purchasing an additional 87,896 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.05% of Cleveland-Cliffs worth $2,072,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at $55,453,000. Norges Bank bought a new position in Cleveland-Cliffs in the fourth quarter valued at about $45,381,000. Slate Path Capital LP increased its position in Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the period. Vanguard Group Inc. raised its holdings in Cleveland-Cliffs by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Cleveland-Cliffs by 135.4% during the 4th quarter. American Century Companies Inc. now owns 3,615,774 shares of the mining company's stock valued at $33,988,000 after purchasing an additional 2,079,589 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Up 2.4%

NYSE CLF traded up $0.18 during trading hours on Monday, reaching $7.60. 31,729,209 shares of the company's stock were exchanged, compared to its average volume of 18,725,791. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.64 and a current ratio of 2.13. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -3.11 and a beta of 1.85. The company's 50-day moving average is $7.41 and its two-hundred day moving average is $8.84. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $16.47.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Wednesday, May 7th. The mining company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. Cleveland-Cliffs's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Cleveland-Cliffs

In other news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the transaction, the executive vice president directly owned 492,249 shares of the company's stock, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CLF. B. Riley reiterated a "buy" rating and set a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a research note on Wednesday, May 28th. The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Morgan Stanley raised their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research report on Friday, June 20th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average target price of $10.23.

Cleveland-Cliffs 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.