RWA Wealth Partners LLC Sells 25,498 Shares of Cleveland-Cliffs Inc. $CLF

RWA Wealth Partners LLC decreased its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 24.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,791 shares of the mining company’s stock after selling 25,498 shares during the period. RWA Wealth Partners LLC’s holdings in Cleveland-Cliffs were worth $614,000 as of its most recent SEC filing.

Several other hedge funds have 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 valued at $1,115,000 after purchasing an additional 1,200 shares in the last quarter. Clear Creek Financial Management LLC increased its holdings in Cleveland-Cliffs by 5.1% in the 2nd quarter. Clear Creek Financial Management LLC now owns 26,480 shares of the mining company’s stock worth $201,000 after buying an additional 1,280 shares in the last quarter. Pinnacle Holdings LLC raised its position in Cleveland-Cliffs by 1.3% in the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company’s stock worth $870,000 after buying an additional 1,371 shares during the last quarter. Hudock Inc. lifted its stake in Cleveland-Cliffs by 12.3% during the 1st quarter. Hudock Inc. now owns 16,340 shares of the mining company’s stock valued at $134,000 after acquiring an additional 1,786 shares during the period. Finally, Harbour Investments Inc. lifted its stake in Cleveland-Cliffs by 7.5% during the 1st quarter. Harbour Investments Inc. now owns 29,325 shares of the mining company’s stock valued at $241,000 after acquiring an additional 2,050 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the subject of a number of research analyst reports. Bank of America lifted their price target on shares of Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. KeyCorp raised their target price on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. The Goldman Sachs Group lifted their target price on shares of Cleveland-Cliffs from $14.50 to $16.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Finally, Wells Fargo & Company restated an “underweight” rating and issued a $11.00 price target on shares of Cleveland-Cliffs in a research note on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.88.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $10.40 on Monday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.61 and a current ratio of 2.04. The stock has a 50-day simple moving average of $12.30 and a two-hundred day simple moving average of $9.94. The firm has a market capitalization of $5.14 billion, a PE ratio of -3.06 and a beta of 2.07. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.03. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the company earned ($0.33) earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts forecast 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.