State of New Jersey Common Pension Fund D Boosts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

State of New Jersey Common Pension Fund D grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190,235 shares of the mining company’s stock after purchasing an additional 7,168 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Cleveland-Cliffs were worth $1,788,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CLF. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter worth about $34,000. Truvestments Capital LLC bought a new position in Cleveland-Cliffs during the third quarter valued at about $34,000. Blue Trust Inc. increased its holdings in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after buying an additional 2,539 shares during the last quarter. Finally, Byrne Asset Management LLC raised its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the period. 67.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on CLF shares. Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley decreased their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. Three analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.68.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $10.80 on Wednesday. The company’s 50 day simple moving average is $10.26 and its two-hundred day simple moving average is $11.67. The stock has a market capitalization of $5.33 billion, a PE ratio of -11.13 and a beta of 1.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.