Lee Danner & Bass Inc. Purchases 180,000 Shares of Cleveland-Cliffs Inc. $CLF

Lee Danner & Bass Inc. grew its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 66.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 452,000 shares of the mining company’s stock after purchasing an additional 180,000 shares during the quarter. Lee Danner & Bass Inc.’s holdings in Cleveland-Cliffs were worth $3,819,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Focus Partners Wealth bought a new stake in shares of Cleveland-Cliffs during the first quarter valued at approximately $339,000. Prudential Financial Inc. lifted its position in Cleveland-Cliffs by 27.4% in the 2nd quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after acquiring an additional 10,733 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Cleveland-Cliffs by 4.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock valued at $1,088,000 after acquiring an additional 6,073 shares in the last quarter. CW Advisors LLC boosted its stake in Cleveland-Cliffs by 47.4% during the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock valued at $168,000 after purchasing an additional 7,127 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Cleveland-Cliffs by 20.3% during the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock valued at $23,417,000 after purchasing an additional 520,120 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “hold” rating and upped their price target for the company from $9.03 to $15.01 in a report on Tuesday, June 9th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. Finally, Wells Fargo & Company upped their target price on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. Nine equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $12.90.

Insider Activity

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred 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 owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Down 0.4%

CLF stock opened at $9.82 on Friday. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The business’s 50-day moving average is $11.52 and its two-hundred day moving average is $11.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. The company has a market cap of $5.60 billion, a price-to-earnings 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) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.92) EPS. As a group, analysts forecast that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current year.

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.