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

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

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC grew its holdings in shares of 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 purchasing an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs in the 2nd quarter worth $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at $31,000. Gradient Investments LLC lifted its holdings in shares of Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after acquiring an additional 1,249 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after acquiring an additional 1,343 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

A number of equities research analysts have weighed in on the company. Citigroup lowered their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley reduced 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 report on Wednesday, September 18th. Finally, Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Three investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Stock Up 0.2 %

NYSE CLF opened at $12.49 on Tuesday. The business’s 50-day moving average is $12.66 and its 200 day moving average is $14.02. The stock has a market capitalization of $6.17 billion, a PE ratio of -12.87 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 1 year low of $10.21 and a 1 year high of $22.97.

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