Sheaff Brock Investment Advisors LLC Trims Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Sheaff Brock Investment Advisors LLC decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 24.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,348 shares of the mining company’s stock after selling 3,762 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $145,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CLF. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $31,000. Gradient Investments LLC boosted its stake in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after purchasing an additional 1,249 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after buying an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Cleveland-Cliffs in the first quarter worth $45,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CLF shares. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup dropped their price target on 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, Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.04 on Friday. The firm has a market capitalization of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. The stock’s fifty day moving average is $12.60 and its 200 day moving average is $14.27. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was down 18.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current year.

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.