Fifth Third Wealth Advisors LLC Buys 3,155 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Fifth Third Wealth Advisors LLC boosted its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 29.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,008 shares of the mining company’s stock after purchasing an additional 3,155 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Cleveland-Cliffs were worth $132,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Franklin Resources Inc. lifted its holdings in shares of Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after purchasing an additional 134,939 shares during the last quarter. Twelve Points Wealth Management LLC lifted its position in Cleveland-Cliffs by 58.5% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company’s stock worth $1,708,000 after acquiring an additional 49,359 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after purchasing an additional 187,957 shares during the period. Rockefeller Capital Management L.P. acquired a new position in Cleveland-Cliffs in the 3rd quarter worth approximately $22,122,000. Finally, First Dallas Securities Inc. raised its position in Cleveland-Cliffs by 27.9% during the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock worth $2,640,000 after buying an additional 45,150 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Cleveland-Cliffs Price Performance

CLF stock opened at $10.28 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The business has a fifty day moving average of $10.83 and a two-hundred day moving average of $12.51. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -10.59 and a beta of 1.97. 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 data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 EPS. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.67 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.