Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by HighTower Advisors LLC

HighTower Advisors LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 46.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 253,742 shares of the mining company's stock after purchasing an additional 80,304 shares during the quarter. HighTower Advisors LLC owned about 0.05% of Cleveland-Cliffs worth $3,239,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. SG Americas Securities LLC grew its holdings in shares of Cleveland-Cliffs by 336.8% during the 2nd quarter. SG Americas Securities LLC now owns 136,375 shares of the mining company's stock worth $2,099,000 after purchasing an additional 105,153 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Cleveland-Cliffs by 976.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 269,570 shares of the mining company's stock worth $4,149,000 after acquiring an additional 244,517 shares in the last quarter. Swedbank AB raised its stake in shares of Cleveland-Cliffs by 109.7% in the 2nd quarter. Swedbank AB now owns 178,294 shares of the mining company's stock valued at $2,744,000 after acquiring an additional 93,262 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at $3,662,000. Finally, Gradient Investments LLC boosted its position in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock worth $33,000 after purchasing an additional 1,249 shares during the period. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on CLF. Seaport Res Ptn upgraded Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Citigroup reduced their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 10th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a research report on Monday, December 2nd. They issued a "buy" rating and a $16.00 price objective for the company. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research report on Wednesday, September 18th. Finally, StockNews.com lowered shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus price target of $17.39.

Cleveland-Cliffs Stock Down 6.9 %

Cleveland-Cliffs stock traded down $0.76 during midday trading on Friday, hitting $10.21. The stock had a trading volume of 25,938,497 shares, compared to its average volume of 10,541,936. The business has a fifty day moving average price of $12.55 and a 200 day moving average price of $13.55. Cleveland-Cliffs Inc. has a 12 month low of $10.18 and a 12 month high of $22.97. The stock has a market cap of $5.04 billion, a P/E ratio of -10.52 and a beta of 1.92. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter last year, the firm posted $0.54 earnings per share. Cleveland-Cliffs's revenue was down 18.5% compared to the same quarter last year. Research analysts predict that Cleveland-Cliffs Inc. will post -0.45 EPS for the current 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.