Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 19.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 188,885 shares of the mining company’s stock after buying an additional 31,083 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Cleveland-Cliffs were worth $1,553,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. Summit Investment Advisors Inc. increased its position in shares of Cleveland-Cliffs by 1.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 96,956 shares of the mining company’s stock worth $911,000 after purchasing an additional 932 shares during the last quarter. AllSquare Wealth Management LLC raised its holdings in shares of Cleveland-Cliffs by 24.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. MRP Capital Investments LLC raised its holdings in shares of Cleveland-Cliffs by 10.0% in the 4th quarter. MRP Capital Investments LLC now owns 11,000 shares of the mining company’s stock worth $103,000 after purchasing an additional 1,000 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Cleveland-Cliffs by 21.3% in the 4th quarter. Jones Financial Companies Lllp now owns 6,723 shares of the mining company’s stock worth $63,000 after purchasing an additional 1,182 shares in the last quarter. Finally, Ancora Advisors LLC raised its holdings in shares of Cleveland-Cliffs by 5.4% in the 4th quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company’s stock worth $267,000 after purchasing an additional 1,450 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $7.60 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 2.13 and a quick ratio of 0.64. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.47. The firm has a fifty day moving average price of $7.42 and a two-hundred day moving average price of $8.82. The company has a market cap of $3.76 billion, a PE ratio of -3.11 and a beta of 1.85.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.14). The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. Cleveland-Cliffs’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.18 earnings per share. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CLF shares. Morgan Stanley boosted their price target on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an “equal weight” rating in a report on Friday, June 20th. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a research report on Monday, May 12th. Glj Research downgraded shares of Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 target price for the company. in a research report on Wednesday, May 28th. Finally, B. Riley reiterated a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target of $10.23.

Insider Activity

In related news, EVP James D. Graham sold 120,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $6.85, for a total transaction of $822,000.00. Following the completion of the sale, the executive vice president owned 492,249 shares in the company, valued at $3,371,905.65. This trade represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.76% of the stock is owned by company insiders.

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.