Fifth Third Wealth Advisors LLC Has $89,000 Stock Position in Cleveland-Cliffs Inc. $CLF

Fifth Third Wealth Advisors LLC lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 16.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,732 shares of the mining company’s stock after selling 2,334 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cleveland-Cliffs were worth $89,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its holdings in shares of Cleveland-Cliffs by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company’s stock worth $1,115,000 after purchasing an additional 1,200 shares during the period. Clear Creek Financial Management LLC lifted its holdings in shares of Cleveland-Cliffs by 5.1% during the second quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company’s stock worth $201,000 after purchasing an additional 1,280 shares during the period. Pinnacle Holdings LLC lifted its holdings in shares of Cleveland-Cliffs by 1.3% during the first quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company’s stock worth $870,000 after purchasing an additional 1,371 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Cleveland-Cliffs by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company’s stock worth $465,000 after purchasing an additional 1,475 shares during the period. Finally, Hunter Associates Investment Management LLC lifted its holdings in shares of Cleveland-Cliffs by 3.1% during the first quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company’s stock worth $406,000 after purchasing an additional 1,500 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CLF. Citigroup lifted their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Cleveland-Cliffs in a research note on Wednesday, October 8th. The Goldman Sachs Group lifted their target price on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Bank of America lifted their target price on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a research note on Monday, September 15th. Finally, Wells Fargo & Company lifted their target price on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Monday, September 15th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $11.93.

Cleveland-Cliffs Trading Up 0.9%

NYSE:CLF opened at $13.95 on Wednesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The firm has a 50-day moving average of $11.40 and a 200-day moving average of $9.24. The company has a market cap of $6.90 billion, a PE ratio of -4.09 and a beta of 1.96. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.51.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the company earned $0.11 earnings per share. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.