Cetera Investment Advisers Lowers Position in Cleveland-Cliffs Inc. $CLF

Cetera Investment Advisers trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 3.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,590 shares of the mining company’s stock after selling 8,838 shares during the period. Cetera Investment Advisers’ holdings in Cleveland-Cliffs were worth $1,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Cleveland-Cliffs by 10.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,596,026 shares of the mining company’s stock worth $37,779,000 after purchasing an additional 419,832 shares during the period. Deutsche Bank AG raised its stake in Cleveland-Cliffs by 16.1% in the first quarter. Deutsche Bank AG now owns 4,124,778 shares of the mining company’s stock worth $33,906,000 after buying an additional 572,262 shares in the last quarter. Northern Trust Corp lifted its holdings in Cleveland-Cliffs by 1.4% during the first quarter. Northern Trust Corp now owns 4,014,436 shares of the mining company’s stock worth $32,999,000 after buying an additional 54,244 shares during the period. Jump Financial LLC boosted its position in Cleveland-Cliffs by 362.5% during the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company’s stock valued at $24,661,000 after acquiring an additional 2,351,372 shares in the last quarter. Finally, Woodline Partners LP purchased a new position in shares of Cleveland-Cliffs in the 1st quarter valued at $22,696,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

CLF opened at $13.04 on Monday. The company has a market cap of $6.45 billion, a P/E ratio of -3.83 and a beta of 2.07. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41. The firm’s 50-day moving average price is $12.35 and its 200-day moving average price is $10.29. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS 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 during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period last year, the business earned ($0.33) EPS. Cleveland-Cliffs’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of analyst reports. Glj Research restated a “sell” rating and set a $5.75 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Bank of America increased their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $11.00 to $12.00 in a research note on Friday, November 14th. Finally, UBS Group set a $15.00 target price on shares of Cleveland-Cliffs in a research report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.78.

Cleveland-Cliffs 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.