Dakota Wealth Management Lowers Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Dakota Wealth Management trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 4.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,882 shares of the mining company’s stock after selling 2,698 shares during the period. Dakota Wealth Management’s holdings in Cleveland-Cliffs were worth $544,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Strengthening Families & Communities LLC grew its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the period. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs in the 3rd quarter valued at approximately $34,000. Blue Trust Inc. raised its holdings in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after purchasing an additional 4,917 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CLF shares. Citigroup cut their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 target price for the company in a research report on Tuesday, January 7th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target on the stock. Finally, StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $16.93.

Cleveland-Cliffs Price Performance

CLF stock opened at $10.01 on Friday. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of -10.31 and a beta of 1.97. The stock’s fifty day simple moving average is $10.65 and its 200-day simple moving average is $12.32. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter last year, the firm earned $0.54 EPS. The firm’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.71 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.