South Dakota Investment Council Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

South Dakota Investment Council boosted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 1,318.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 964,668 shares of the mining company's stock after buying an additional 896,666 shares during the period. South Dakota Investment Council owned approximately 0.20% of Cleveland-Cliffs worth $7,930,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CLF. Slate Path Capital LP grew its stake in shares of 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 valued at $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Cleveland-Cliffs by 22.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after buying an additional 242,386 shares in the last quarter. Twelve Points Wealth Management LLC grew its stake in shares of Cleveland-Cliffs by 51.7% in the first quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock valued at $1,854,000 after buying an additional 76,827 shares in the last quarter. Finally, Wexford Capital LP grew its stake in shares of Cleveland-Cliffs by 1,212.0% in the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock valued at $9,578,000 after buying an additional 941,284 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a research note on Wednesday, May 28th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $7.50 price objective on shares of Cleveland-Cliffs in a research report on Monday, July 14th. The Goldman Sachs Group reduced their price objective 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 lifted their price objective on shares of 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 investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $9.78.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the sale, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. This represents 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 hyperlink. Company insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

CLF stock traded up $1.23 during midday trading on Monday, reaching $10.71. The company had a trading volume of 66,195,041 shares, compared to its average volume of 19,991,888. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of -4.39 and a beta of 1.91. The stock has a 50 day moving average price of $7.70 and a 200-day moving average price of $8.78. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The business's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

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.