Stephens Inc. AR Sells 12,816 Shares of Cleveland-Cliffs Inc. $CLF

Stephens Inc. AR lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 38.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 20,148 shares of the mining company’s stock after selling 12,816 shares during the period. Stephens Inc. AR’s holdings in Cleveland-Cliffs were worth $153,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Twelve Points Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 51.7% in the 1st quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company’s stock worth $1,854,000 after buying an additional 76,827 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Cleveland-Cliffs by 231.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company’s stock worth $12,838,000 after purchasing an additional 1,090,237 shares in the last quarter. Nuveen LLC purchased a new stake in Cleveland-Cliffs in the 1st quarter worth $9,416,000. Cambridge Investment Research Advisors Inc. lifted its stake in Cleveland-Cliffs by 35.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 233,356 shares of the mining company’s stock worth $1,918,000 after purchasing an additional 60,714 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in Cleveland-Cliffs in the 1st quarter worth $442,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $13.78 on Tuesday. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70. The firm has a market capitalization of $6.82 billion, a P/E ratio of -4.05 and a beta of 1.96. The company’s 50-day moving average is $12.06 and its 200 day moving average is $9.63.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the company posted ($0.33) EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company reiterated an “underweight” rating and issued a $11.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Morgan Stanley boosted their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group boosted their price target on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Glj Research restated a “sell” rating and set a $5.75 target price on shares of Cleveland-Cliffs in a research report on Tuesday, October 21st. Finally, KeyCorp upped their target price on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $12.73.

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.