Ritholtz Wealth Management Sells 14,936 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Ritholtz Wealth Management lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 28.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,921 shares of the mining company’s stock after selling 14,936 shares during the quarter. Ritholtz Wealth Management’s holdings in Cleveland-Cliffs were worth $471,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Unison Advisors LLC purchased a new position in Cleveland-Cliffs during the third quarter valued at approximately $788,000. Hexagon Capital Partners LLC grew its position in shares of Cleveland-Cliffs by 594.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 11,800 shares of the mining company’s stock valued at $151,000 after purchasing an additional 10,100 shares in the last quarter. Daymark Wealth Partners LLC increased its holdings in shares of Cleveland-Cliffs by 19.7% in the third quarter. Daymark Wealth Partners LLC now owns 21,435 shares of the mining company’s stock worth $274,000 after purchasing an additional 3,535 shares during the period. Peddock Capital Advisors LLC increased its holdings in shares of Cleveland-Cliffs by 7.4% in the third quarter. Peddock Capital Advisors LLC now owns 20,229 shares of the mining company’s stock worth $258,000 after purchasing an additional 1,396 shares during the period. Finally, Sterneck Capital Management LLC raised its position in shares of Cleveland-Cliffs by 7.6% in the third quarter. Sterneck Capital Management LLC now owns 19,512 shares of the mining company’s stock worth $249,000 after buying an additional 1,378 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $13.05 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The company has a fifty day moving average of $12.55 and a 200-day moving average of $15.48. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 17.64 and a beta of 1.98.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company’s revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.23 EPS for the current year.

Analysts Set New Price Targets

CLF has been the subject of several recent analyst reports. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. B. Riley restated a “buy” rating and issued a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Citigroup lowered their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Bank of America cut their price target on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $17.56.

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.