Prospera Financial Services Inc Lowers Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Prospera Financial Services Inc cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 24.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,266 shares of the mining company’s stock after selling 3,250 shares during the period. Prospera Financial Services Inc’s holdings in Cleveland-Cliffs were worth $131,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CLF. Dimensional Fund Advisors LP lifted its position in shares of Cleveland-Cliffs by 54.7% during the second quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after purchasing an additional 5,621,797 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 49.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,093,632 shares of the mining company’s stock worth $93,172,000 after buying an additional 2,027,757 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cleveland-Cliffs by 23.6% in the second quarter. Bank of New York Mellon Corp now owns 5,597,662 shares of the mining company’s stock valued at $86,148,000 after acquiring an additional 1,069,907 shares in the last quarter. Drexel Morgan & Co. increased its position in shares of Cleveland-Cliffs by 3.8% during the third quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock valued at $40,869,000 after acquiring an additional 116,400 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Cleveland-Cliffs by 10.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,884,249 shares of the mining company’s stock worth $65,589,000 after acquiring an additional 275,265 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CLF has been the topic of a number of recent analyst reports. Morgan Stanley lowered 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, September 18th. Citigroup lowered their price objective 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. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Trading Up 0.2 %

NYSE:CLF opened at $12.49 on Tuesday. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The stock’s fifty day moving average price is $12.66 and its two-hundred day moving average price is $14.02. 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 company has a market cap of $6.17 billion, a P/E ratio of -12.87 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period last year, the company posted $0.54 EPS. As a group, analysts expect that Cleveland-Cliffs Inc. will post -0.4 EPS for the current 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.