B. Riley Wealth Advisors Inc. Reduces Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

B. Riley Wealth Advisors Inc. cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 55.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 59,229 shares of the mining company's stock after selling 73,493 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Cleveland-Cliffs were worth $757,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CLF. Strengthening Families & Communities LLC raised its position in shares of Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after purchasing an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd purchased a new stake in Cleveland-Cliffs during the 2nd quarter worth approximately $26,000. Darwin Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs in the third quarter valued at approximately $34,000. Finally, Blue Trust Inc. boosted its stake in shares of Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company's stock worth $46,000 after acquiring an additional 2,539 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CLF. StockNews.com downgraded Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Morgan Stanley dropped their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a research note on Wednesday, September 18th. Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus price target of $17.22.

Cleveland-Cliffs Stock Down 2.2 %

Shares of CLF stock traded down $0.21 during trading hours on Thursday, reaching $9.33. 21,195,623 shares of the stock were exchanged, compared to its average volume of 10,666,134. Cleveland-Cliffs Inc. has a 12-month low of $9.13 and a 12-month high of $22.97. The business's fifty day moving average is $12.30 and its two-hundred day moving average is $13.35. 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 firm has a market capitalization of $4.61 billion, a P/E ratio of -9.62 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced 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 firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. Cleveland-Cliffs's revenue for the quarter was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share. As a group, research analysts expect that Cleveland-Cliffs Inc. will post -0.45 EPS for the current fiscal year.

Cleveland-Cliffs Company 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.