Golden State Wealth Management LLC Invests $147,000 in Cleveland-Cliffs Inc. (NYSE:CLF)

Golden State Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,593 shares of the mining company’s stock, valued at approximately $147,000.

Other institutional investors have also recently made changes to their positions in the company. Archer Investment Corp boosted its holdings in shares of Cleveland-Cliffs by 96.2% in the 4th quarter. Archer Investment Corp now owns 15,299 shares of the mining company’s stock worth $144,000 after purchasing an additional 7,500 shares during the period. Strategic Financial Concepts LLC purchased a new position in Cleveland-Cliffs during the fourth quarter worth $442,000. Tectonic Advisors LLC increased its position in Cleveland-Cliffs by 33.2% during the fourth quarter. Tectonic Advisors LLC now owns 134,814 shares of the mining company’s stock valued at $1,267,000 after acquiring an additional 33,637 shares during the last quarter. Yousif Capital Management LLC raised its stake in shares of Cleveland-Cliffs by 2.0% in the fourth quarter. Yousif Capital Management LLC now owns 184,438 shares of the mining company’s stock valued at $1,734,000 after acquiring an additional 3,610 shares during the period. Finally, Retirement Systems of Alabama lifted its holdings in shares of Cleveland-Cliffs by 1.7% in the 4th quarter. Retirement Systems of Alabama now owns 1,201,661 shares of the mining company’s stock worth $11,296,000 after acquiring an additional 20,024 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CLF shares. Glj Research upgraded shares of Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target on the stock in a report on Tuesday, January 7th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Citigroup decreased 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. Morgan Stanley cut their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Stock Down 5.8 %

Shares of Cleveland-Cliffs stock opened at $10.05 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. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of -10.36 and a beta of 1.96. The firm’s 50-day moving average is $10.30 and its two-hundred day moving average is $11.92. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year high of $22.97.

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.