J.W. Cole Advisors Inc. Sells 910 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

J.W. Cole Advisors Inc. lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,665 shares of the mining company’s stock after selling 910 shares during the period. J.W. Cole Advisors Inc.’s holdings in Cleveland-Cliffs were worth $364,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter worth approximately $117,585,000. Bank of New York Mellon Corp grew its stake in shares of Cleveland-Cliffs by 23.6% in 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 buying an additional 1,069,907 shares during the last quarter. Castle Hook Partners LP grew its stake in shares of Cleveland-Cliffs by 13.8% in the 1st quarter. Castle Hook Partners LP now owns 3,374,716 shares of the mining company’s stock worth $76,741,000 after buying an additional 410,182 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Cleveland-Cliffs by 10.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock worth $65,589,000 after buying an additional 275,265 shares during the last quarter. Finally, Douglas Lane & Associates LLC grew its stake in shares of Cleveland-Cliffs by 13.2% in the 2nd quarter. Douglas Lane & Associates LLC now owns 2,507,110 shares of the mining company’s stock worth $38,584,000 after buying an additional 292,991 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Morgan Stanley cut their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America cut their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, B. Riley reiterated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

CLF stock opened at $11.54 on Thursday. The company has a market cap of $5.49 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 21.57 and a beta of 1.97. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The stock’s fifty day moving average price is $13.58 and its 200-day moving average price is $16.67.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period last year, the business posted $0.69 EPS. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current 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.