Wealth Enhancement Advisory Services LLC Reduces Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Wealth Enhancement Advisory Services LLC reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 22.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 208,770 shares of the mining company’s stock after selling 60,800 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Cleveland-Cliffs were worth $2,666,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CLF. J.W. Cole Advisors Inc. increased its stake in Cleveland-Cliffs by 3.6% in the first quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock valued at $559,000 after purchasing an additional 845 shares during the period. Mission Wealth Management LP purchased a new stake in Cleveland-Cliffs during the 1st quarter valued at approximately $718,000. Capstone Investment Advisors LLC purchased a new stake in Cleveland-Cliffs during the 1st quarter valued at approximately $799,000. Hunter Associates Investment Management LLC lifted its position in Cleveland-Cliffs by 22.9% during the 1st quarter. Hunter Associates Investment Management LLC now owns 12,900 shares of the mining company’s stock worth $294,000 after acquiring an additional 2,400 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Cleveland-Cliffs by 5.3% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 20,037 shares of the mining company’s stock valued at $456,000 after purchasing an additional 1,006 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CLF has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock 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 lowered their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock opened at $13.26 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The stock has a fifty day moving average of $12.68 and a two-hundred day moving average of $14.85. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 189.46 and a beta of 1.98.

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.