IFM Investors Pty Ltd Has $2.03 Million Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

IFM Investors Pty Ltd lifted its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 89,038 shares of the mining company’s stock after purchasing an additional 1,181 shares during the quarter. IFM Investors Pty Ltd’s holdings in Cleveland-Cliffs were worth $2,025,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CLF. Norges Bank acquired a new position in Cleveland-Cliffs during the fourth quarter valued at approximately $117,585,000. Sound Shore Management Inc. CT raised its holdings in shares of Cleveland-Cliffs by 9.0% during the 4th quarter. Sound Shore Management Inc. CT now owns 4,037,507 shares of the mining company’s stock worth $82,446,000 after buying an additional 334,739 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 5.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,542,004 shares of the mining company’s stock worth $72,328,000 after buying an additional 194,948 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cleveland-Cliffs by 9.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,735,603 shares of the mining company’s stock valued at $42,757,000 after buying an additional 236,274 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Cleveland-Cliffs by 154.2% in the third quarter. AQR Capital Management LLC now owns 2,586,472 shares of the mining company’s stock valued at $40,181,000 after acquiring an additional 1,568,961 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Down 1.9 %

Shares of CLF stock traded down $0.35 during mid-day trading on Friday, hitting $17.88. The company’s stock had a trading volume of 9,278,276 shares, compared to its average volume of 8,426,657. The company has a market cap of $8.50 billion, a PE ratio of 24.16, a P/E/G ratio of 0.63 and a beta of 2.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.62 and a current ratio of 1.90. The company’s fifty day simple moving average is $20.91 and its 200-day simple moving average is $18.99. Cleveland-Cliffs Inc. has a 52 week low of $13.61 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post 1.66 earnings per share for the current fiscal year.

Cleveland-Cliffs declared that its board has authorized a share repurchase plan on Monday, April 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the mining company to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Lourenco Goncalves sold 187,136 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84. Following the sale, the chief executive officer now owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cleveland-Cliffs news, EVP Terry G. Fedor sold 27,430 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $20.19, for a total value of $553,811.70. Following the completion of the sale, the executive vice president now owns 534,617 shares in the company, valued at approximately $10,793,917.23. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $20.19, for a total transaction of $3,778,275.84. Following the transaction, the chief executive officer now directly owns 2,699,089 shares in the company, valued at approximately $54,494,606.91. The disclosure for this sale can be found here. Insiders sold 221,066 shares of company stock worth $4,464,688 over the last three months. 1.76% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CLF shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, March 26th. BNP Paribas downgraded shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a report on Wednesday, February 28th. TheStreet cut Cleveland-Cliffs from a “b-” rating to a “c” rating in a research note on Tuesday, January 30th. Argus lowered Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Finally, StockNews.com cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.75.

About Cleveland-Cliffs

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.