Cleveland-Cliffs Inc. (NYSE:CLF) Position Boosted by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. increased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 9.0% during the fourth quarter, Holdings Channel reports. The firm owned 17,848 shares of the mining company’s stock after purchasing an additional 1,479 shares during the period. Avantax Advisory Services Inc.’s holdings in Cleveland-Cliffs were worth $168,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its position in Cleveland-Cliffs by 28.0% in the third quarter. Advisors Asset Management Inc. now owns 19,280 shares of the mining company’s stock worth $246,000 after buying an additional 4,215 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cleveland-Cliffs by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock worth $47,902,000 after acquiring an additional 121,389 shares during the last quarter. Cerity Partners LLC raised its position in shares of Cleveland-Cliffs by 10.9% during the third quarter. Cerity Partners LLC now owns 366,619 shares of the mining company’s stock worth $4,682,000 after purchasing an additional 35,995 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at $34,000. Finally, Private Trust Co. NA boosted its position in shares of Cleveland-Cliffs by 3.8% in the 3rd quarter. Private Trust Co. NA now owns 40,531 shares of the mining company’s stock valued at $518,000 after purchasing an additional 1,500 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cleveland-Cliffs news, Director John T. Baldwin acquired 4,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jane M. Cronin acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now directly owns 24,522 shares in the company, valued at $258,952.32. The trade was a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 23,500 shares of company stock valued at $243,095 over the last 90 days. 1.76% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on CLF shares. Morgan Stanley reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. The Goldman Sachs Group decreased their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.43.

Cleveland-Cliffs Price Performance

NYSE CLF opened at $9.36 on Friday. Cleveland-Cliffs Inc. has a fifty-two week low of $8.50 and a fifty-two week high of $22.97. The stock’s 50-day moving average is $10.30 and its two-hundred day moving average is $11.23. The firm has a market cap of $4.63 billion, a P/E ratio of -9.64 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. On average, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal 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.