Janney Montgomery Scott LLC Cuts Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Janney Montgomery Scott LLC cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 32.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 109,021 shares of the mining company’s stock after selling 51,336 shares during the period. Janney Montgomery Scott LLC’s holdings in Cleveland-Cliffs were worth $1,392,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CLF. Dimensional Fund Advisors LP boosted its stake in shares of Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock worth $244,794,000 after acquiring an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC boosted its position in Cleveland-Cliffs by 49.9% during the second quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after purchasing an additional 2,027,757 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Cleveland-Cliffs by 1,893.6% in the third quarter. International Assets Investment Management LLC now owns 1,227,848 shares of the mining company’s stock valued at $156,800,000 after purchasing an additional 1,166,258 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Cleveland-Cliffs by 23.6% during 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 period. Finally, WINTON GROUP Ltd lifted its position in shares of Cleveland-Cliffs by 1,650.8% during the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after buying an additional 824,518 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research analyst reports. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $11.45 on Friday. The company’s 50-day moving average is $12.61 and its two-hundred day moving average is $14.34. 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 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of -11.80 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company’s revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 earnings per share. Analysts forecast that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.

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.