Cleveland-Cliffs Inc. $CLF Shares Sold by Hodges Capital Management Inc.

Hodges Capital Management Inc. trimmed its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,300,253 shares of the mining company’s stock after selling 130,750 shares during the period. Cleveland-Cliffs comprises about 2.6% of Hodges Capital Management Inc.’s holdings, making the stock its 4th biggest position. Hodges Capital Management Inc. owned about 0.46% of Cleveland-Cliffs worth $30,547,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Barclays PLC raised its position in shares of Cleveland-Cliffs by 281.9% during the 3rd quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock worth $28,161,000 after purchasing an additional 1,703,791 shares during the last quarter. Phocas Financial Corp. raised its position in shares of Cleveland-Cliffs by 47.0% during the 4th quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock worth $6,306,000 after purchasing an additional 151,868 shares during the last quarter. Contrarius Group Holdings Ltd acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $10,932,000. Lighthouse Investment Partners LLC acquired a new position in shares of Cleveland-Cliffs during the 3rd quarter worth approximately $9,171,000. Finally, Citigroup Inc. raised its position in shares of Cleveland-Cliffs by 17.5% during the 3rd quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after purchasing an additional 1,195,035 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president directly owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CLF shares. Wells Fargo & Company lifted their price objective on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. KeyCorp started coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Argus upgraded Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $12.85.

Cleveland-Cliffs Stock Down 2.3%

CLF stock opened at $12.43 on Thursday. The stock has a market capitalization of $7.09 billion, a P/E ratio of -5.31 and a beta of 2.09. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. Cleveland-Cliffs Inc. has a one year low of $6.72 and a one year high of $16.70. The company has a 50 day moving average price of $10.73 and a two-hundred day moving average price of $11.54.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same period in the previous year, the company earned ($0.92) EPS. Cleveland-Cliffs’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current year.

Cleveland-Cliffs 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.