B. Riley Wealth Advisors Inc. Lowers Stake in Cleveland-Cliffs Inc. (NYSE:CLF)

B. Riley Wealth Advisors Inc. trimmed its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 55.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,229 shares of the mining company’s stock after selling 73,493 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Cleveland-Cliffs were worth $757,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Strengthening Families & Communities LLC raised its holdings in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at $26,000. Darwin Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC purchased a new stake in Cleveland-Cliffs during the 3rd quarter worth $34,000. Finally, Blue Trust Inc. increased its holdings in Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after purchasing an additional 2,539 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of CLF stock opened at $9.54 on Thursday. The firm has a fifty day moving average of $12.37 and a two-hundred day moving average of $13.37. The firm has a market cap of $4.71 billion, a P/E ratio of -9.84 and a beta of 1.92. Cleveland-Cliffs Inc. has a 1-year low of $9.51 and a 1-year high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm 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 posted $0.54 earnings per share. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CLF shares. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley decreased their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Citigroup dropped their price objective 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. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three 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 company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.39.

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.