NJ State Employees Deferred Compensation Plan Takes $481,000 Position in Cleveland-Cliffs Inc (CLF)

NJ State Employees Deferred Compensation Plan bought a new position in shares of Cleveland-Cliffs Inc (NYSE:CLF) during the third quarter, HoldingsChannel.com reports. The firm bought 38,000 shares of the mining company’s stock, valued at approximately $481,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Xact Kapitalforvaltning AB boosted its holdings in Cleveland-Cliffs by 29.9% during the first quarter. Xact Kapitalforvaltning AB now owns 38,689 shares of the mining company’s stock worth $269,000 after buying an additional 8,900 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $131,000. HRT Financial LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $196,000. Advisors Preferred LLC lifted its holdings in shares of Cleveland-Cliffs by 425.5% during the 2nd quarter. Advisors Preferred LLC now owns 20,642 shares of the mining company’s stock valued at $174,000 after purchasing an additional 16,714 shares in the last quarter. Finally, IndexIQ Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 39.6% during the 2nd quarter. IndexIQ Advisors LLC now owns 22,491 shares of the mining company’s stock valued at $190,000 after purchasing an additional 6,383 shares in the last quarter. Hedge funds and other institutional investors own 67.56% of the company’s stock.

CLF has been the topic of several recent analyst reports. Jefferies Financial Group upgraded Cleveland-Cliffs to a “buy” rating and set a $13.00 price objective on the stock in a report on Friday, September 7th. Zacks Investment Research cut Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 18th. Morgan Stanley lifted their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Friday, June 29th. Citigroup lifted their price objective on Cleveland-Cliffs from $12.00 to $15.00 and gave the company a “buy” rating in a report on Friday, October 5th. Finally, ValuEngine cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $11.75.

NYSE:CLF opened at $11.84 on Thursday. Cleveland-Cliffs Inc has a fifty-two week low of $5.60 and a fifty-two week high of $13.10. The stock has a market cap of $3.77 billion, a PE ratio of 23.68 and a beta of 1.70. The company has a current ratio of 3.26, a quick ratio of 2.72 and a debt-to-equity ratio of -7.50.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, July 20th. The mining company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.20. Cleveland-Cliffs had a negative return on equity of 76.39% and a net margin of 20.07%. The business had revenue of $714.00 million for the quarter, compared to analyst estimates of $653.75 million. During the same quarter last year, the firm earned $0.26 EPS. Cleveland-Cliffs’s revenue for the quarter was up 51.6% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc will post 2.07 EPS for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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