D.A. Davidson & CO. Reduces Stock Position in Cleveland-Cliffs Inc. $CLF

D.A. Davidson & CO. reduced its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 27.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,994 shares of the mining company’s stock after selling 74,458 shares during the quarter. D.A. Davidson & CO.’s holdings in Cleveland-Cliffs were worth $2,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Daymark Wealth Partners LLC purchased a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $125,000. Riverbend Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $134,000. Silver Oak Securities Incorporated acquired a new position in Cleveland-Cliffs during the 3rd quarter worth approximately $384,000. Golden State Equity Partners boosted its stake in shares of Cleveland-Cliffs by 195.2% in the third quarter. Golden State Equity Partners now owns 44,875 shares of the mining company’s stock valued at $547,000 after purchasing an additional 29,675 shares during the period. Finally, JB Capital LLC increased its holdings in Cleveland-Cliffs by 25.8% during the 3rd quarter. JB Capital LLC now owns 197,945 shares of the mining company’s stock worth $2,415,000 after purchasing an additional 40,556 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Thursday, October 30th. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Bank of America increased their price target on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. KeyCorp cut shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a research report on Wednesday. Finally, UBS Group set a $15.00 price target on shares of Cleveland-Cliffs in a research report on Monday, October 27th. 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.43.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $12.76 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The stock has a 50 day simple moving average of $12.33 and a 200 day simple moving average of $11.49. The firm has a market capitalization of $6.31 billion, a PE ratio of -3.75 and a beta of 1.91.

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

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.