State of New Jersey Common Pension Fund D Sells 58,993 Shares of Cleveland-Cliffs Inc. $CLF

State of New Jersey Common Pension Fund D decreased its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 21.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 211,228 shares of the mining company’s stock after selling 58,993 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Cleveland-Cliffs were worth $2,577,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CLF. Focus Partners Wealth purchased a new stake in shares of Cleveland-Cliffs in the 1st quarter worth $339,000. Stratos Wealth Partners LTD. raised its holdings in shares of Cleveland-Cliffs by 14.0% in the second quarter. Stratos Wealth Partners LTD. now owns 52,350 shares of the mining company’s stock valued at $398,000 after acquiring an additional 6,409 shares in the last quarter. D.A. Davidson & CO. lifted its stake in Cleveland-Cliffs by 48.0% in the second quarter. D.A. Davidson & CO. now owns 268,452 shares of the mining company’s stock worth $2,040,000 after acquiring an additional 87,102 shares during the period. Brookstone Capital Management lifted its stake in Cleveland-Cliffs by 27.8% in the second quarter. Brookstone Capital Management now owns 14,130 shares of the mining company’s stock worth $107,000 after acquiring an additional 3,070 shares during the period. Finally, 180 Wealth Advisors LLC grew its holdings in Cleveland-Cliffs by 36.4% during the 2nd quarter. 180 Wealth Advisors LLC now owns 86,508 shares of the mining company’s stock worth $657,000 after acquiring an additional 23,084 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CLF shares. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $11.00 to $12.00 in a research note on Friday, November 14th. The Goldman Sachs Group restated a “buy” rating and set a $15.00 target price on shares of Cleveland-Cliffs in a report on Monday, February 9th. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $12.80 to $17.00 in a report on Friday, January 9th. KeyCorp lowered Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, January 7th. Finally, Glj Research dropped their price objective on Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a research report on Tuesday, February 10th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $13.89.

Insider Buying and Selling at Cleveland-Cliffs

In other news, COO Clifford T. Smith sold 200,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $10.46, for a total value of $2,092,000.00. Following the completion of the transaction, the chief operating officer owned 560,529 shares of the company’s stock, valued at $5,863,133.34. The trade was a 26.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edilson Camara bought 19,700 shares of the stock in a transaction dated Friday, February 13th. The stock was bought at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the purchase, the director directly owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. The trade was a 88.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.71% of the company’s stock.

Cleveland-Cliffs Stock Up 3.7%

Cleveland-Cliffs stock opened at $10.66 on Friday. The business’s 50-day simple moving average is $13.14 and its two-hundred day simple moving average is $12.27. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.50 and a current ratio of 1.95. The company has a market cap of $6.08 billion, a PE ratio of -3.65 and a beta of 1.93. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.19. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.60 billion. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company’s revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.68) earnings per share. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

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.