Alaska Permanent Fund Corp Sells 1,132 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Alaska Permanent Fund Corp lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 0.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 144,568 shares of the mining company’s stock after selling 1,132 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Cleveland-Cliffs were worth $2,952,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Cleveland-Cliffs by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,347,056 shares of the mining company’s stock worth $52,314,000 after purchasing an additional 40,838 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cleveland-Cliffs by 9.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock worth $42,757,000 after purchasing an additional 236,274 shares during the period. AQR Capital Management LLC raised its holdings in shares of Cleveland-Cliffs by 154.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock worth $40,181,000 after purchasing an additional 1,568,961 shares during the period. Douglas Lane & Associates LLC raised its holdings in shares of Cleveland-Cliffs by 20.6% in the 4th quarter. Douglas Lane & Associates LLC now owns 2,103,314 shares of the mining company’s stock worth $42,950,000 after purchasing an additional 359,801 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of Cleveland-Cliffs by 10.6% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,052,127 shares of the mining company’s stock worth $32,075,000 after purchasing an additional 196,373 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of CLF traded down $0.23 during mid-day trading on Wednesday, reaching $18.32. 14,355,073 shares of the stock traded hands, compared to its average volume of 8,757,096. The firm has a fifty day moving average price of $20.97 and a 200 day moving average price of $19.00. The company has a market cap of $8.71 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 0.72 and a beta of 2.03. The company has a current ratio of 1.89, a quick ratio of 0.62 and a debt-to-equity ratio of 0.39. Cleveland-Cliffs Inc. has a 1 year low of $13.61 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Tuesday, April 23rd. The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.50% and a net margin of 1.78%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter last year, the firm posted ($0.11) earnings per share. The firm’s revenue was down 1.8% on a year-over-year basis. As a group, equities research analysts predict that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Cleveland-Cliffs from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, March 26th. Citigroup lowered shares of Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research note on Wednesday, March 13th. Finally, BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price objective for the company. in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.75.

Insider Buying and Selling

In related news, Director Arlene M. Yocum bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was bought at an average cost of $20.02 per share, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 94,887 shares of the company’s stock, valued at $1,899,637.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cleveland-Cliffs news, Director Arlene M. Yocum purchased 2,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $20.02 per share, with a total value of $40,040.00. Following the completion of the purchase, the director now directly owns 94,887 shares of the company’s stock, valued at approximately $1,899,637.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ron A. Bloom purchased 25,000 shares of the stock in a transaction on Thursday, February 1st. The stock was acquired at an average cost of $20.24 per share, with a total value of $506,000.00. Following the completion of the purchase, the director now directly owns 27,221 shares of the company’s stock, valued at $550,953.04. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 221,066 shares of company stock worth $4,464,688. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Company 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.