Regal Investment Advisors LLC Has $352,000 Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Regal Investment Advisors LLC decreased its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 3.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 22,867 shares of the mining company’s stock after selling 917 shares during the period. Regal Investment Advisors LLC’s holdings in Cleveland-Cliffs were worth $352,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Creative Planning lifted its holdings in Cleveland-Cliffs by 39.2% in the second quarter. Creative Planning now owns 118,761 shares of the mining company’s stock valued at $1,828,000 after buying an additional 33,415 shares during the period. MidWestOne Financial Group Inc. lifted its stake in shares of Cleveland-Cliffs by 13.8% in the 2nd quarter. MidWestOne Financial Group Inc. now owns 106,504 shares of the mining company’s stock valued at $1,639,000 after purchasing an additional 12,908 shares during the period. Mackenzie Financial Corp bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $552,000. Maverick Capital Ltd. grew its stake in Cleveland-Cliffs by 352.9% during the second quarter. Maverick Capital Ltd. now owns 55,871 shares of the mining company’s stock worth $860,000 after purchasing an additional 43,536 shares during the period. Finally, MBB Public Markets I LLC bought a new stake in Cleveland-Cliffs in the second quarter worth approximately $565,000. 67.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CLF. Bank of America reduced their price objective on shares of Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. B. Riley reiterated a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday, June 25th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $17.00 in a research note on Tuesday, June 11th. Finally, Citigroup decreased their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Trading Down 0.3 %

NYSE CLF opened at $12.96 on Thursday. 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 market capitalization of $6.16 billion, a P/E ratio of 17.51 and a beta of 1.97. The business has a fifty day simple moving average of $12.90 and a 200 day simple moving average of $16.10. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.03 EPS for the current fiscal year.

About Cleveland-Cliffs

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.