Sheaff Brock Investment Advisors LLC Sells 3,762 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Sheaff Brock Investment Advisors LLC cut its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 24.9% during the third quarter, HoldingsChannel reports. The firm owned 11,348 shares of the mining company’s stock after selling 3,762 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $145,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CLF. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 54.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after acquiring an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC grew its stake in Cleveland-Cliffs by 49.9% in the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Cleveland-Cliffs by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock worth $86,148,000 after purchasing an additional 1,069,907 shares during the period. Castle Hook Partners LP raised its position in Cleveland-Cliffs by 13.8% during the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock valued at $76,741,000 after purchasing an additional 410,182 shares in the last quarter. Finally, Drexel Morgan & Co. lifted its holdings in shares of Cleveland-Cliffs by 3.8% in the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after buying an additional 116,400 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley reduced their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $11.04 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The business’s fifty day simple moving average is $12.60 and its 200-day simple moving average is $14.27. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The company has a market cap of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (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 business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s quarterly revenue was down 18.5% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current fiscal year.

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.