Retirement Systems of Alabama Sells 612,495 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Retirement Systems of Alabama trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 51.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 589,166 shares of the mining company's stock after selling 612,495 shares during the period. Retirement Systems of Alabama owned about 0.12% of Cleveland-Cliffs worth $4,843,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth $25,000. Estabrook Capital Management raised its holdings in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after buying an additional 2,700 shares in the last quarter. AllSquare Wealth Management LLC raised its holdings in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. Fifth Third Bancorp raised its holdings in Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares in the last quarter. Finally, Byrne Asset Management LLC raised its holdings in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the transaction, the executive vice president now directly owns 492,249 shares in the company, valued at $3,371,905.65. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.71% of the stock is currently owned by corporate insiders.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded down $0.04 during trading on Friday, reaching $7.42. The company's stock had a trading volume of 37,201,685 shares, compared to its average volume of 18,673,562. 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 business's fifty day moving average price is $7.41 and its 200-day moving average price is $8.85. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of -3.04 and a beta of 1.85. 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 posted its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.14). The business had revenue of $4.63 billion during 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%. The company's revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 earnings per share. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Ratings Changes

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

About Cleveland-Cliffs

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.