Janney Montgomery Scott LLC Grows Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Janney Montgomery Scott LLC lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 34.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 186,950 shares of the mining company's stock after acquiring an additional 48,397 shares during the period. Janney Montgomery Scott LLC's holdings in Cleveland-Cliffs were worth $1,537,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Slate Path Capital LP raised its stake in shares of Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company's stock worth $69,398,000 after purchasing an additional 1,236,247 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock worth $458,267,000 after purchasing an additional 2,556,332 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cleveland-Cliffs by 22.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock worth $12,209,000 after purchasing an additional 242,386 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter worth approximately $4,432,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley increased their price objective on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an "equal weight" rating in a research report on Friday, June 20th. B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday, April 23rd. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group dropped their target price on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a report on Monday, May 12th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $10.23.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded down $0.04 during trading hours on Friday, hitting $7.42. The company's stock had a trading volume of 37,201,685 shares, compared to its average volume of 18,673,562. The business has a fifty day moving average of $7.41 and a 200-day moving average of $8.85. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of -3.04 and a beta of 1.85. Cleveland-Cliffs Inc. has a twelve month low of $5.63 and a twelve month high of $16.47. The company has a current ratio of 2.13, a quick ratio of 0.64 and a debt-to-equity ratio of 1.17.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mining company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.14). The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.71 billion. Cleveland-Cliffs had a negative net margin of 6.35% and a negative return on equity of 12.84%. The firm's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 earnings per share. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Insider Activity

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $6.85, for a total value of $822,000.00. Following the completion of the sale, the executive vice president now directly owns 492,249 shares of the company's stock, valued at approximately $3,371,905.65. The trade was a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.71% of the company's stock.

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.