IBM Retirement Fund Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)
Posted by admin on Jun 29th, 2022
?IBM Retirement Fund purchased a new position in Cleveland-Cliffs Inc. (NYSE:CLF – Get Rating) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,605 shares of the mining company’s stock, valued at approximately $245,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. State Street Corp raised its position in Cleveland-Cliffs by 3.8% in the fourth quarter. State Street Corp now owns 15,270,791 shares of the mining company’s stock worth $332,445,000 after acquiring an additional 554,642 shares during the period. Geode Capital Management LLC raised its position in Cleveland-Cliffs by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 5,954,145 shares of the mining company’s stock worth $129,621,000 after acquiring an additional 387,659 shares during the period. Dimensional Fund Advisors LP raised its position in Cleveland-Cliffs by 59.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,171,842 shares of the mining company’s stock worth $69,040,000 after acquiring an additional 1,178,447 shares during the period. Marshall Wace LLP raised its position in Cleveland-Cliffs by 664.5% in the fourth quarter. Marshall Wace LLP now owns 2,766,650 shares of the mining company’s stock worth $60,228,000 after acquiring an additional 2,404,776 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Cleveland-Cliffs by 20.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,394,167 shares of the mining company’s stock worth $52,121,000 after acquiring an additional 401,677 shares during the period. Institutional investors and hedge funds own 56.68% of the company’s stock.
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In other Cleveland-Cliffs news, Director Douglas C. Taylor sold 28,150 shares of Cleveland-Cliffs stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $23.12, for a total value of $650,828.00. Following the completion of the transaction, the director now directly owns 156,974 shares of the company’s stock, valued at approximately $3,629,238.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Celso L. Goncalves, Jr. purchased 4,000 shares of the company’s stock in a transaction that occurred on Friday, April 29th. The shares were purchased at an average cost of $26.32 per share, with a total value of $105,280.00. Following the completion of the purchase, the chief financial officer now owns 143,285 shares in the company, valued at approximately $3,771,261.20. The disclosure for this purchase can be found here. Insiders acquired a total of 13,100 shares of company stock valued at $330,358 over the last three months. Corporate insiders own 1.43% of the company’s stock.
Shares of NYSE CLF opened at $15.90 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 2.28. The company has a market cap of $8.34 billion, a P/E ratio of 2.32 and a beta of 2.17. The firm’s fifty day moving average is $22.32 and its two-hundred day moving average is $23.16. Cleveland-Cliffs Inc. has a 52-week low of $15.31 and a 52-week high of $34.04.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last announced its quarterly earnings results on Friday, April 22nd. The mining company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.27. Cleveland-Cliffs had a net margin of 16.77% and a return on equity of 78.74%. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same period in the previous year, the firm posted $0.35 EPS. Cleveland-Cliffs’s revenue for the quarter was up 47.1% compared to the same quarter last year. As a group, analysts forecast that Cleveland-Cliffs Inc. will post 5.46 EPS for the current fiscal year.
Several brokerages have recently commented on CLF. B. Riley raised their price objective on shares of Cleveland-Cliffs from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Monday, April 25th. Credit Suisse Group raised their price objective on shares of Cleveland-Cliffs from $34.00 to $37.00 in a research report on Tuesday, April 19th. The Goldman Sachs Group decreased their price objective on shares of Cleveland-Cliffs from $36.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, May 31st. Clarkson Capital restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, June 14th. Finally, TheStreet downgraded shares of Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research report on Tuesday, March 1st. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.50.
Cleveland-Cliffs Company Profile (Get Rating)
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.
