State of New Jersey Common Pension Fund D Sells 94,515 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

State of New Jersey Common Pension Fund D lowered its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 32.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 197,415 shares of the mining company’s stock after selling 94,515 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cleveland-Cliffs were worth $3,038,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $31,000. Gradient Investments LLC boosted its holdings in shares of Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after buying an additional 1,249 shares during the period. Rise Advisors LLC increased its position in shares of Cleveland-Cliffs by 2,858.0% during the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after acquiring an additional 1,429 shares in the last quarter. Hexagon Capital Partners LLC increased its position in shares of Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 shares during the period. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 2.3 %

Shares of CLF stock opened at $11.54 on Thursday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The company has a market capitalization of $5.49 billion, a PE ratio of 15.96, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. The firm has a 50 day moving average price of $13.58 and a two-hundred day moving average price of $16.67. The company has a quick ratio of 0.60, a current ratio of 1.87 and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.69 EPS. As a group, analysts predict that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $17.00 in a report on Tuesday, June 11th. B. Riley restated a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Citigroup decreased their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs 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.