Sonora Investment Management Group LLC Sells 41,499 Shares of Cleveland-Cliffs Inc. $CLF

Sonora Investment Management Group LLC trimmed its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 6.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 655,354 shares of the mining company’s stock after selling 41,499 shares during the period. Sonora Investment Management Group LLC’s holdings in Cleveland-Cliffs were worth $4,981,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Twelve Points Wealth Management LLC raised its stake in Cleveland-Cliffs by 15.1% during the 2nd quarter. Twelve Points Wealth Management LLC now owns 259,463 shares of the mining company’s stock valued at $1,972,000 after purchasing an additional 33,964 shares during the last quarter. Brave Asset Management Inc. bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at $171,000. Kerntke Otto McGlone Wealth Management Group increased its holdings in Cleveland-Cliffs by 13.9% in the 2nd quarter. Kerntke Otto McGlone Wealth Management Group now owns 48,925 shares of the mining company’s stock valued at $372,000 after buying an additional 5,961 shares during the period. Register Financial Advisors LLC increased its holdings in Cleveland-Cliffs by 8.6% in the 2nd quarter. Register Financial Advisors LLC now owns 37,725 shares of the mining company’s stock valued at $287,000 after buying an additional 3,000 shares during the period. Finally, TB Alternative Assets Ltd. bought a new stake in Cleveland-Cliffs in the 2nd quarter valued at $2,538,000. 67.68% of the stock is owned by institutional investors.

Cleveland-Cliffs Stock Up 2.4%

CLF opened at $12.36 on Friday. The company has a market capitalization of $6.11 billion, a P/E ratio of -3.62 and a beta of 1.93. The stock has a fifty day moving average of $10.81 and a 200-day moving average of $8.94. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.34. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

CLF has been the topic of a number of research reports. KeyCorp upgraded shares of Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a research report on Tuesday, July 22nd. Bank of America increased their target price on Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a “neutral” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. raised their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Wells Fargo & Company raised their price target 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. Finally, Citigroup raised their price target 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 given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.24.

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.