Perigon Wealth Management LLC Sells 17,892 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Perigon Wealth Management LLC lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) by 63.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,500 shares of the mining company’s stock after selling 17,892 shares during the quarter. Perigon Wealth Management LLC’s holdings in Cleveland-Cliffs were worth $161,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLF. SG Americas Securities LLC raised its position in Cleveland-Cliffs by 124.4% during the first quarter. SG Americas Securities LLC now owns 30,502 shares of the mining company’s stock valued at $982,000 after acquiring an additional 155,374 shares in the last quarter. Securian Asset Management Inc. raised its position in Cleveland-Cliffs by 5.4% during the first quarter. Securian Asset Management Inc. now owns 42,900 shares of the mining company’s stock valued at $1,382,000 after acquiring an additional 2,217 shares in the last quarter. Arizona State Retirement System raised its position in Cleveland-Cliffs by 0.5% during the first quarter. Arizona State Retirement System now owns 128,423 shares of the mining company’s stock valued at $4,137,000 after acquiring an additional 646 shares in the last quarter. Versor Investments LP bought a new position in Cleveland-Cliffs during the first quarter valued at approximately $232,000. Finally, Envestnet Asset Management Inc. raised its position in Cleveland-Cliffs by 3.9% during the first quarter. Envestnet Asset Management Inc. now owns 162,362 shares of the mining company’s stock valued at $5,230,000 after acquiring an additional 6,133 shares in the last quarter. Institutional investors own 61.21% of the company’s stock.

Cleveland-Cliffs Trading Up 2.0 %

Shares of CLF stock opened at $15.90 on Thursday. Cleveland-Cliffs Inc. has a 1 year low of $11.82 and a 1 year high of $34.04. The firm’s fifty day simple moving average is $14.48 and its 200 day simple moving average is $17.11. The firm has a market capitalization of $8.19 billion, a P/E ratio of 3.45 and a beta of 2.18. The company has a current ratio of 2.33, a quick ratio of 0.78 and a debt-to-equity ratio of 0.62.

Cleveland-Cliffs (NYSE:CLFGet Rating) last posted its quarterly earnings results on Tuesday, October 25th. The mining company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.39). Cleveland-Cliffs had a return on equity of 40.41% and a net margin of 10.48%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.79 billion. During the same quarter in the prior year, the firm earned $2.33 EPS. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc. will post 3.06 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. B. Riley dropped their price target on shares of Cleveland-Cliffs from $32.00 to $26.00 in a research report on Wednesday, October 26th. Morgan Stanley dropped their price target on shares of Cleveland-Cliffs from $14.50 to $13.60 and set an “equal weight” rating on the stock in a research report on Wednesday, October 26th. Citigroup lifted their price target on shares of Cleveland-Cliffs to $20.00 in a research report on Tuesday, September 13th. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price target on the stock. in a research report on Tuesday, October 18th. Finally, Exane BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $14.30 price target on the stock. in a research report on Tuesday, October 18th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.42.

Cleveland-Cliffs Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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