Cleveland-Cliffs Inc. $CLF Position Reduced by Wealthcare Advisory Partners LLC

Wealthcare Advisory Partners LLC cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 20.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,675 shares of the mining company’s stock after selling 6,460 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Cleveland-Cliffs were worth $188,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Cleveland-Cliffs by 1,228.6% in the first quarter. GAMMA Investing LLC now owns 70,815 shares of the mining company’s stock worth $582,000 after purchasing an additional 65,485 shares in the last quarter. Merit Financial Group LLC purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth approximately $144,000. UMB Bank n.a. lifted its position in shares of Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company’s stock worth $65,000 after purchasing an additional 5,579 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Cleveland-Cliffs by 456.7% in the first quarter. Farther Finance Advisors LLC now owns 33,349 shares of the mining company’s stock worth $270,000 after buying an additional 27,359 shares during the last quarter. Finally, Pallas Capital Advisors LLC increased its holdings in Cleveland-Cliffs by 94.4% in the first quarter. Pallas Capital Advisors LLC now owns 28,293 shares of the mining company’s stock worth $233,000 after buying an additional 13,736 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on CLF shares. Weiss Ratings restated a “sell (d)” rating on shares of Cleveland-Cliffs in a report on Wednesday. Citigroup increased their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. The Goldman Sachs Group increased their price objective on Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a report on Thursday. Morgan Stanley increased their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Finally, Bank of America increased their price target on Cleveland-Cliffs from $9.50 to $12.50 and gave the company a “neutral” rating in a report on Monday, September 15th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.60.

Cleveland-Cliffs Stock Down 7.1%

Shares of NYSE CLF opened at $13.19 on Friday. The stock has a market cap of $6.53 billion, a PE ratio of -3.87 and a beta of 1.96. The business has a fifty day moving average of $11.23 and a two-hundred day moving average of $9.17. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.51. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.18. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company posted $0.11 earnings per share. As a group, equities research analysts expect 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.