Janney Montgomery Scott LLC Has $1.30 Million Holdings in Cleveland-Cliffs Inc. $CLF

Janney Montgomery Scott LLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 8.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,509 shares of the mining company’s stock after selling 16,441 shares during the period. Janney Montgomery Scott LLC’s holdings in Cleveland-Cliffs were worth $1,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Atwood & Palmer Inc. acquired a new position in Cleveland-Cliffs during the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the first quarter worth $36,000. Fifth Third Bancorp increased its holdings in Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock worth $51,000 after buying an additional 1,664 shares during the last quarter. Byrne Asset Management LLC increased its holdings in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock worth $52,000 after buying an additional 1,753 shares during the last quarter. Finally, AlphaQuest LLC increased its holdings in Cleveland-Cliffs by 408,600.0% during the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company’s stock worth $67,000 after buying an additional 8,172 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CLF has been the topic of a number of recent analyst reports. Morgan Stanley boosted their target price on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Bank of America boosted their target price on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a report on Monday, September 15th. The Goldman Sachs Group boosted their target price on shares of Cleveland-Cliffs from $12.85 to $14.50 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Finally, Wells Fargo & Company lifted their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Monday, September 15th. Three investment 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 stock currently has a consensus rating of “Hold” and an average target price of $11.60.

Cleveland-Cliffs Trading Down 7.1%

CLF stock opened at $13.19 on Monday. 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 company has a fifty day moving average price of $11.23 and a two-hundred day moving average price of $9.17. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.51. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of -3.87 and a beta of 1.96.

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