Altus Wealth Group LLC Grows Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Altus Wealth Group LLC grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,900 shares of the mining company’s stock after buying an additional 800 shares during the quarter. Altus Wealth Group LLC’s holdings in Cleveland-Cliffs were worth $152,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Cleveland-Cliffs by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock valued at $570,000 after buying an additional 476 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in Cleveland-Cliffs by 41.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after purchasing an additional 500 shares during the last quarter. InterOcean Capital Group LLC lifted its stake in Cleveland-Cliffs by 4.1% during the first quarter. InterOcean Capital Group LLC now owns 20,334 shares of the mining company’s stock worth $462,000 after purchasing an additional 805 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in Cleveland-Cliffs by 3.6% during the first quarter. J.W. Cole Advisors Inc. now owns 24,575 shares of the mining company’s stock worth $559,000 after purchasing an additional 845 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Cleveland-Cliffs by 7.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 13,066 shares of the mining company’s stock worth $201,000 after purchasing an additional 949 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America dropped their target price on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Citigroup dropped their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF traded down $0.04 during trading hours on Wednesday, reaching $13.42. 975,299 shares of the company’s stock traded hands, compared to its average volume of 9,823,832. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 18.22 and a beta of 1.98. 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 twelve month low of $10.21 and a twelve month high of $22.97. The business’s fifty day simple moving average is $12.60 and its two-hundred day simple moving average is $15.18.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. Cleveland-Cliffs’s revenue was down 14.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 earnings per share. Analysts predict that Cleveland-Cliffs Inc. will post -0.23 earnings per share for the current 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.