Janney Montgomery Scott LLC Increases Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Janney Montgomery Scott LLC raised its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 27.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 138,553 shares of the mining company’s stock after acquiring an additional 29,532 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Cleveland-Cliffs were worth $1,302,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Creative Planning raised its position in Cleveland-Cliffs by 39.2% during the 2nd quarter. Creative Planning now owns 118,761 shares of the mining company’s stock worth $1,828,000 after buying an additional 33,415 shares during the last quarter. Truist Financial Corp increased its stake in shares of Cleveland-Cliffs by 1.1% in the second quarter. Truist Financial Corp now owns 355,171 shares of the mining company’s stock worth $5,466,000 after acquiring an additional 3,939 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the second quarter worth $1,010,000. Peddock Capital Advisors LLC lifted its position in Cleveland-Cliffs by 7.4% during the third quarter. Peddock Capital Advisors LLC now owns 20,229 shares of the mining company’s stock valued at $258,000 after purchasing an additional 1,396 shares during the period. Finally, Daymark Wealth Partners LLC lifted its position in Cleveland-Cliffs by 19.7% during the third quarter. Daymark Wealth Partners LLC now owns 21,435 shares of the mining company’s stock valued at $274,000 after purchasing an additional 3,535 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Trading Up 8.0 %

NYSE CLF opened at $10.52 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $5.19 billion, a P/E ratio of -10.84 and a beta of 1.96. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The firm has a 50-day moving average price of $10.41 and a 200 day moving average price of $12.02.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the business earned $0.54 EPS. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.69 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLF. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. Morgan Stanley reduced their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday. Citigroup decreased their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research note on Tuesday, January 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.68.

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.