Janney Montgomery Scott LLC Sells 51,336 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Janney Montgomery Scott LLC reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 32.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,021 shares of the mining company’s stock after selling 51,336 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Cleveland-Cliffs were worth $1,392,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CLF. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs during the second quarter valued at approximately $31,000. Gradient Investments LLC raised its stake in Cleveland-Cliffs by 138.8% in the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Cleveland-Cliffs by 247.8% during the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the period. Finally, LRI Investments LLC bought a new stake in Cleveland-Cliffs during the 1st quarter valued at $45,000. 67.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on CLF. 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 research report on Wednesday, September 18th. Citigroup reduced their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Trading Down 3.9 %

Shares of NYSE:CLF opened at $11.45 on Friday. The business has a 50-day moving average price of $12.61 and a 200-day moving average price of $14.34. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of -11.80 and a beta of 1.97. Cleveland-Cliffs Inc. has a 52-week low of $10.21 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 released its quarterly earnings data 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 period last year, the company earned $0.54 earnings per share. The firm’s revenue was down 18.5% on a year-over-year basis. Equities analysts predict that Cleveland-Cliffs Inc. will post -0.37 EPS for the current year.

Cleveland-Cliffs Company 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.