Sigma Planning Corp Sells 11,793 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Sigma Planning Corp trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 49.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,940 shares of the mining company’s stock after selling 11,793 shares during the quarter. Sigma Planning Corp’s holdings in Cleveland-Cliffs were worth $152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Twelve Points Wealth Management LLC raised its position in Cleveland-Cliffs by 58.5% in the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock valued at $1,708,000 after buying an additional 49,359 shares during the last quarter. Hodges Capital Management Inc. raised its holdings in shares of Cleveland-Cliffs by 5.0% in the second quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after purchasing an additional 104,197 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Cleveland-Cliffs by 2.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after purchasing an additional 984 shares in the last quarter. Natixis acquired a new position in Cleveland-Cliffs during the first quarter worth $100,000. Finally, Russell Investments Group Ltd. grew its position in Cleveland-Cliffs by 82.2% in the first quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock valued at $8,932,000 after purchasing an additional 177,198 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

CLF opened at $11.04 on Monday. 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 Inc. has a 1 year low of $10.21 and a 1 year high of $22.97. The stock’s 50 day simple moving average is $12.60 and its 200 day simple moving average is $14.26. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of -11.38 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate 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 for the quarter was down 18.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 EPS. As a group, analysts predict that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.