First Dallas Securities Inc. Cuts Position in Cleveland-Cliffs Inc. $CLF

First Dallas Securities Inc. lessened its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 17.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 243,800 shares of the mining company’s stock after selling 52,000 shares during the quarter. Cleveland-Cliffs accounts for 1.2% of First Dallas Securities Inc.’s investment portfolio, making the stock its 22nd largest position. First Dallas Securities Inc.’s holdings in Cleveland-Cliffs were worth $3,238,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in CLF. Vanguard Group Inc. increased its holdings in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after purchasing an additional 6,447,462 shares in the last quarter. State Street Corp increased its holdings in Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after acquiring an additional 4,603,807 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in Cleveland-Cliffs by 960.4% during the 3rd quarter. Voloridge Investment Management LLC now owns 4,683,251 shares of the mining company’s stock valued at $57,136,000 after acquiring an additional 4,241,582 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Cleveland-Cliffs by 200.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock valued at $48,104,000 after acquiring an additional 4,222,528 shares in the last quarter. Finally, Norges Bank purchased a new position in Cleveland-Cliffs during the 4th quarter valued at about $49,797,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CLF shares. Morgan Stanley dropped their target price on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. Wells Fargo & Company raised their target price on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. KeyCorp started coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. Finally, Barclays started coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price for the company. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $12.55.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF opened at $12.75 on Wednesday. The company has a market cap of $7.27 billion, a PE ratio of -5.45 and a beta of 2.09. Cleveland-Cliffs Inc. has a 12 month low of $6.72 and a 12 month high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The company has a 50-day simple moving average of $10.65 and a 200-day simple moving average of $11.53.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, topping 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 business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same period in the previous 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. On average, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.95% of the stock is currently owned by company insiders.

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.