Kestra Advisory Services LLC Has $819,000 Stock Position in Cleveland-Cliffs Inc. $CLF

Key Points

• Kestra Advisory Services LLC reduced its holdings in Cleveland-Cliffs Inc. by 33%, owning 99,624 shares worth approximately $819,000 as of the latest reporting period.
• Cleveland-Cliffs reported a quarterly earnings per share (EPS) of (0.50), surpassing analyst expectations and indicating a year-over-year revenue increase of 7.5%.
• Several analysts have recently adjusted their price targets for Cleveland-Cliffs, with Morgan Stanley increasing it to $10.50 while maintaining an "equal weight" rating on the stock.

Kestra Advisory Services LLC lowered its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 33.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 99,624 shares of the mining company's stock after selling 48,986 shares during the period. Kestra Advisory Services LLC's holdings in Cleveland-Cliffs were worth $819,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Cleveland-Cliffs during the first quarter worth $36,000. Fifth Third Bancorp boosted its position in Cleveland-Cliffs by 36.6% during the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock worth $51,000 after purchasing an additional 1,664 shares in the last quarter. Byrne Asset Management LLC boosted its position in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after purchasing an additional 1,753 shares in the last quarter. UMB Bank n.a. increased its stake in Cleveland-Cliffs by 243.2% during the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after acquiring an additional 5,579 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Cleveland-Cliffs by 61.6% during the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company's stock worth $71,000 after acquiring an additional 3,285 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CLF. Citigroup upped their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. The Goldman Sachs Group dropped their price target on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research note on Monday, May 12th. Glj Research lowered Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research note on Wednesday, May 28th. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company upgraded Cleveland-Cliffs to a "hold" rating in a research note on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus target price of $10.96.

Cleveland-Cliffs Stock Performance

CLF traded up $0.88 during trading on Friday, reaching $11.40. 22,954,615 shares of the company were exchanged, compared to its average volume of 24,609,818. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28. The stock has a market cap of $5.64 billion, a P/E ratio of -3.34 and a beta of 1.93. The firm has a 50 day moving average of $9.94 and a 200 day moving average of $8.82.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The firm had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the firm earned $0.11 EPS. The firm's revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.