Raymond James & Associates Sells 74,075 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Raymond James & Associates lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 17.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 351,170 shares of the mining company's stock after selling 74,075 shares during the quarter. Raymond James & Associates owned 0.07% of Cleveland-Cliffs worth $4,484,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CLF. Blue Trust Inc. lifted its position in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company's stock worth $46,000 after purchasing an additional 2,539 shares during the period. KMG Fiduciary Partners LLC raised its stake in Cleveland-Cliffs by 15.0% during the third quarter. KMG Fiduciary Partners LLC now owns 149,577 shares of the mining company's stock worth $1,910,000 after acquiring an additional 19,484 shares in the last quarter. Secure Asset Management LLC acquired a new position in Cleveland-Cliffs during the third quarter worth about $355,000. Beech Hill Advisors Inc. raised its stake in Cleveland-Cliffs by 14.4% during the third quarter. Beech Hill Advisors Inc. now owns 62,500 shares of the mining company's stock worth $798,000 after acquiring an additional 7,850 shares in the last quarter. Finally, Twelve Points Wealth Management LLC increased its stake in shares of Cleveland-Cliffs by 58.5% in the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company's stock valued at $1,708,000 after buying an additional 49,359 shares during the period. Institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $0.29 during trading on Friday, hitting $13.27. 9,114,019 shares of the company's stock were exchanged, compared to its average volume of 9,488,337. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. Cleveland-Cliffs Inc. has a 52-week low of $10.21 and a 52-week high of $22.97. The business's 50-day simple moving average is $12.68 and its 200 day simple moving average is $14.75. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 189.60 and a beta of 1.97.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CLF shares. Citigroup decreased their target price on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating for the company in a research report on Tuesday, September 10th. Seaport Res Ptn upgraded Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley decreased their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of "Hold" and an average target price of $17.56.

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.