Wealth Enhancement Advisory Services LLC Cuts Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Wealth Enhancement Advisory Services LLC cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 22.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 208,770 shares of the mining company's stock after selling 60,800 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Cleveland-Cliffs were worth $2,666,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs in the second quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its position in shares of Cleveland-Cliffs by 247.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company's stock valued at $43,000 after purchasing an additional 1,343 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Cleveland-Cliffs during the 1st quarter worth $45,000. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter worth about $31,000. Finally, Gradient Investments LLC boosted its holdings in shares of Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock worth $33,000 after buying an additional 1,249 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 10th. Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a report on Wednesday, September 18th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $17.56.

Cleveland-Cliffs Stock Performance

Shares of Cleveland-Cliffs stock traded up $0.29 during trading hours on Friday, reaching $13.27. The company had a trading volume of 9,114,019 shares, compared to its average volume of 9,822,235. The firm has a market cap of $6.21 billion, a PE ratio of 189.60 and a beta of 1.98. Cleveland-Cliffs Inc. has a one year low of $10.21 and a one year high of $22.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The business has a fifty day simple moving average of $12.68 and a 200 day simple moving average of $14.79.

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.