Cleveland-Cliffs Inc. (NYSE:CLF) Stock Position Boosted by HighTower Advisors LLC

HighTower Advisors LLC boosted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 46.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 253,742 shares of the mining company’s stock after buying an additional 80,304 shares during the period. HighTower Advisors LLC’s holdings in Cleveland-Cliffs were worth $3,239,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Strengthening Families & Communities LLC boosted its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at about $31,000. Gradient Investments LLC boosted its position in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares in the last quarter. Finally, Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $34,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective for the company. StockNews.com lowered shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $17.39.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $10.96 on Friday. The company has a 50 day simple moving average of $12.61 and a 200-day simple moving average of $13.59. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of -11.29 and a beta of 1.92. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs’s revenue was down 18.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Cleveland-Cliffs Company 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.