Foundations Investment Advisors LLC cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 21.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,004 shares of the mining company’s stock after selling 11,789 shares during the period. Foundations Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $562,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC raised its stake in Cleveland-Cliffs by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after buying an additional 476 shares during the last quarter. Hexagon Capital Partners LLC raised its position in shares of Cleveland-Cliffs by 41.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares during the last quarter. InterOcean Capital Group LLC boosted its stake in Cleveland-Cliffs by 4.1% in the 1st quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock worth $462,000 after purchasing an additional 805 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in Cleveland-Cliffs by 3.6% during the 1st quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock worth $559,000 after purchasing an additional 845 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Cleveland-Cliffs by 7.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock valued at $201,000 after purchasing an additional 949 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on CLF. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.56.
Cleveland-Cliffs Trading Down 1.7 %
Cleveland-Cliffs stock opened at $13.08 on Friday. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The firm has a market cap of $6.22 billion, a PE ratio of 17.67 and a beta of 1.98. The stock’s 50 day simple moving average is $12.63 and its two-hundred day simple moving average is $15.09. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.
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.
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