B. Riley Wealth Advisors Inc. Sells 84,538 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

B. Riley Wealth Advisors Inc. cut its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 38.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,722 shares of the mining company’s stock after selling 84,538 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Cleveland-Cliffs were worth $2,043,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CLF. Rise Advisors LLC raised its stake in Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the period. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs during the 2nd quarter valued at approximately $26,000. Hexagon Capital Partners LLC raised its position in shares of Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after buying an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Cleveland-Cliffs during the first quarter worth $45,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CLF shares. B. Riley reiterated a “buy” rating and issued a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Bank of America decreased their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. cut Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and cut their price target for the company from $23.00 to $17.00 in a report on Tuesday, June 11th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Citigroup dropped 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. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $12.96 on Thursday. Cleveland-Cliffs Inc. has a 12-month low of $10.21 and a 12-month high of $22.97. The company has a current ratio of 1.87, a quick ratio of 0.60 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $12.90 and a 200-day moving average price of $16.10. The firm has a market capitalization of $6.16 billion, a PE ratio of 17.51 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data 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 the consensus estimate of $5.18 billion. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.03 EPS 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.