OMERS ADMINISTRATION Corp Sells 91,400 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• OMERS ADMINISTRATION Corp significantly reduced its stake in Cleveland-Cliffs Inc. by selling 91,400 shares, representing an 83.8% decrease, leaving the fund with 17,607 shares valued at $145,000.
• Cleveland-Cliffs reported a 7.5% increase in revenue year-over-year, with earnings per share of ($0.50), which exceeded analysts' expectations.
• As of now, institutional investors own 67.68% of Cleveland-Cliffs stock, with analysts giving the company a consensus rating of "Hold" and a price target of $10.96.

OMERS ADMINISTRATION Corp reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 83.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,607 shares of the mining company's stock after selling 91,400 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Cleveland-Cliffs were worth $145,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CLF. Stifel Financial Corp grew its stake in shares of Cleveland-Cliffs by 33.4% during the fourth quarter. Stifel Financial Corp now owns 130,107 shares of the mining company's stock valued at $1,223,000 after buying an additional 32,576 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Cleveland-Cliffs by 1.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 395,230 shares of the mining company's stock valued at $3,715,000 after buying an additional 4,026 shares during the last quarter. Northern Trust Corp grew its stake in shares of Cleveland-Cliffs by 24.5% during the fourth quarter. Northern Trust Corp now owns 3,960,192 shares of the mining company's stock valued at $37,226,000 after buying an additional 779,099 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its stake in shares of Cleveland-Cliffs by 77.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 29,964 shares of the mining company's stock valued at $282,000 after buying an additional 13,048 shares during the last quarter. Finally, Captrust Financial Advisors grew its stake in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Captrust Financial Advisors now owns 11,988 shares of the mining company's stock valued at $113,000 after buying an additional 2,010 shares during the last quarter. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Up 0.6%

Shares of NYSE CLF opened at $10.54 on Friday. The stock has a 50 day moving average price of $9.94 and a 200 day moving average price of $8.82. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of -3.09 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.Cleveland-Cliffs's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CLF. Morgan Stanley upped their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research note on Wednesday, May 28th. Citigroup boosted their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a report on Monday, July 21st. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus price target of $10.96.

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.

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