Wealth Enhancement Advisory Services LLC Sells 87,958 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Wealth Enhancement Advisory Services LLC reduced its holdings in Cleveland-Cliffs Inc. by 46.6%, selling 87,958 shares during the second quarter, leaving them with 100,927 shares valued at approximately $767,000.
• Analysts have recently increased their price targets for Cleveland-Cliffs, with Bank of America raising its target from $9.50 to $12.50 and Wells Fargo from $10.00 to $11.00, reflecting a positive sentiment towards the stock.
• Cleveland-Cliffs reported earnings per share of (-$0.50) for the last quarter, which was better than analysts' expectations of (-$0.68), contributing to a revenue increase of 7.5% year-over-year.

Wealth Enhancement Advisory Services LLC lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 46.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 100,927 shares of the mining company's stock after selling 87,958 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Cleveland-Cliffs were worth $767,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Byrne Asset Management LLC increased its position in Cleveland-Cliffs by 44.2% in the second quarter. Byrne Asset Management LLC now owns 9,159 shares of the mining company's stock worth $70,000 after purchasing an additional 2,806 shares during the last quarter. Atwood & Palmer Inc. purchased a new position in Cleveland-Cliffs during the second quarter worth $27,000. NBC Securities Inc. boosted its stake in Cleveland-Cliffs by 41.2% during the second quarter. NBC Securities Inc. now owns 130,560 shares of the mining company's stock worth $992,000 after buying an additional 38,125 shares during the period. Whitcomb & Hess Inc. purchased a new position in Cleveland-Cliffs during the second quarter worth $174,000. Finally, Cullen Investment Group LTD. boosted its stake in Cleveland-Cliffs by 33.3% during the second quarter. Cullen Investment Group LTD. now owns 60,069 shares of the mining company's stock worth $457,000 after buying an additional 15,000 shares during the period. Institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Monday, September 15th. Bank of America lifted their price objective on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a research note on Monday, September 15th. Morgan Stanley lifted their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective for the company in a research note on Tuesday, July 22nd. Finally, Citigroup lifted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.24.

Cleveland-Cliffs Stock Up 2.0%

NYSE:CLF opened at $12.69 on Friday. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $14.34. The company has a 50-day moving average of $10.93 and a 200 day moving average of $9.01. The firm has a market cap of $6.28 billion, a PE ratio of -3.72 and a beta of 1.96. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, topping analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the firm earned $0.11 earnings per share. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

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.

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