Hodges Capital Management Inc. Has $18.06 Million Holdings in Cleveland-Cliffs Inc. $CLF

Hodges Capital Management Inc. cut its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 7.1% in the first quarter, Holdings Channel reports. The firm owned 2,137,166 shares of the mining company’s stock after selling 163,087 shares during the period. Cleveland-Cliffs accounts for 1.5% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 15th largest holding. Hodges Capital Management Inc.’s holdings in Cleveland-Cliffs were worth $18,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in CLF. Stephens Inc. AR grew its stake in shares of Cleveland-Cliffs by 78.7% in the 1st quarter. Stephens Inc. AR now owns 52,022 shares of the mining company’s stock valued at $441,000 after buying an additional 22,914 shares in the last quarter. Lee Danner & Bass Inc. raised its position in Cleveland-Cliffs by 66.2% during the first quarter. Lee Danner & Bass Inc. now owns 452,000 shares of the mining company’s stock valued at $3,819,000 after acquiring an additional 180,000 shares in the last quarter. Counterpoint Mutual Funds LLC raised its position in Cleveland-Cliffs by 155.5% during the first quarter. Counterpoint Mutual Funds LLC now owns 97,669 shares of the mining company’s stock valued at $825,000 after acquiring an additional 59,443 shares in the last quarter. World Investment Advisors acquired a new stake in Cleveland-Cliffs in the first quarter valued at approximately $109,000. Finally, KOM Wealth Management Group LLC lifted its stake in Cleveland-Cliffs by 5.3% in the first quarter. KOM Wealth Management Group LLC now owns 44,220 shares of the mining company’s stock valued at $374,000 after acquiring an additional 2,243 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 0.4%

Shares of Cleveland-Cliffs stock opened at $9.82 on Monday. Cleveland-Cliffs Inc. has a 12-month low of $7.73 and a 12-month high of $16.70. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The stock has a 50 day moving average price of $11.52 and a two-hundred day moving average price of $11.40. The stock has a market capitalization of $5.60 billion, a P/E ratio of -4.20 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same quarter last year, the firm posted ($0.92) earnings per share. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities analysts expect that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current year.

Insider Transactions at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.95% of the company’s stock.

Wall Street Analysts Forecast Growth

CLF has been the subject of several recent research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Wells Fargo & Company upped their price objective on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Barclays assumed coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price on the stock. Finally, Argus upgraded Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Nine analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $12.90.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.