South Dakota Investment Council Sells 632,145 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• South Dakota Investment Council cut its Cleveland-Cliffs stake by 96.3% in the first quarter, selling 632,145 shares and retaining 24,321 shares valued at approximately $206,000. Institutional investors collectively own 67.68% of the company.
• Cleveland-Cliffs reported quarterly revenue of $5.23 billion, up 5.9% year over year, and an adjusted loss of $0.20 per share, narrowly beating analyst expectations. Analysts project a full-year loss of $0.11 per share.
• CLF shares opened at $11.54, while analysts maintained a consensus “Hold” rating with an average price target of $11.86; price targets ranged from $10.00 to $15.60.

South Dakota Investment Council lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 96.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 24,321 shares of the mining company's stock after selling 632,145 shares during the quarter. South Dakota Investment Council's holdings in Cleveland-Cliffs were worth $206,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs in the 4th quarter valued at about $25,000. Center for Financial Planning Inc. lifted its position in Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock worth $28,000 after acquiring an additional 1,805 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock worth $29,000 after acquiring an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of 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 purchasing an additional 1,214 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company's stock valued at $33,000 after purchasing an additional 1,855 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock opened at $11.54 on Friday. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company has a market cap of $6.59 billion, a PE ratio of -7.13 and a beta of 2.13. The company has a 50 day moving average of $11.40 and a 200-day moving average of $11.00. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion for the quarter, compared to analysts' expectations of $5.15 billion. During the same period last year, the firm posted ($0.50) earnings per share. The firm's quarterly revenue 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 fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CLF. Glj Research upgraded Cleveland-Cliffs from a "hold" rating to a "buy" rating and increased their target price for the stock from $15.01 to $15.60 in a research note on Friday, July 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. JPMorgan Chase & Co. decreased their price objective on Cleveland-Cliffs from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, July 15th. Wells Fargo & Company reiterated a "positive" rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $11.86.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company's stock, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.95% of the company's stock.

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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