Golden State Wealth Management LLC Makes New $147,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Golden State Wealth Management LLC purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the fourth quarter, Holdings Channel reports. The firm purchased 15,593 shares of the mining company’s stock, valued at approximately $147,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CLF. Pacer Advisors Inc. lifted its position in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after acquiring an additional 3,110,651 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cleveland-Cliffs by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,751,153 shares of the mining company’s stock valued at $47,902,000 after purchasing an additional 121,389 shares during the last quarter. Hodges Capital Management Inc. boosted its position in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock worth $31,178,000 after purchasing an additional 391,109 shares in the last quarter. Drexel Morgan & Co. grew its stake in Cleveland-Cliffs by 3.8% during the 3rd quarter. Drexel Morgan & Co. now owns 3,200,395 shares of the mining company’s stock worth $40,869,000 after buying an additional 116,400 shares during the last quarter. Finally, Barclays PLC increased its position in Cleveland-Cliffs by 232.4% during the 3rd quarter. Barclays PLC now owns 3,113,337 shares of the mining company’s stock valued at $39,757,000 after buying an additional 2,176,837 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the subject of several recent analyst reports. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a report on Tuesday, January 7th. Citigroup dropped their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. Finally, StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.68.

Cleveland-Cliffs Stock Down 5.8 %

Shares of CLF opened at $10.05 on Monday. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of -10.36 and a beta of 1.96. Cleveland-Cliffs Inc. has a 52 week low of $8.99 and a 52 week high of $22.97. The stock’s 50-day moving average price is $10.30 and its 200-day moving average price is $11.92. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

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.