Franklin Resources Inc. Has $3.43 Million Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Franklin Resources Inc. raised its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 105.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 262,771 shares of the mining company's stock after buying an additional 134,939 shares during the period. Franklin Resources Inc. owned 0.05% of Cleveland-Cliffs worth $3,429,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Cleveland-Cliffs in the third quarter worth $64,000. Arete Wealth Advisors LLC bought a new stake in Cleveland-Cliffs during the third quarter valued at about $1,222,000. Neo Ivy Capital Management acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $1,444,000. First Dallas Securities Inc. increased its stake in shares of Cleveland-Cliffs by 27.9% in the third quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company's stock worth $2,640,000 after purchasing an additional 45,150 shares during the period. Finally, MidWestOne Financial Group Inc. lifted its position in shares of Cleveland-Cliffs by 19.9% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 127,669 shares of the mining company's stock worth $1,630,000 after purchasing an additional 21,165 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.09 on Wednesday, hitting $9.46. The company's stock had a trading volume of 5,831,058 shares, compared to its average volume of 10,805,356. The company has a 50 day moving average price of $12.01 and a 200 day moving average price of $13.13. Cleveland-Cliffs Inc. has a fifty-two week low of $9.13 and a fifty-two week high of $22.97. The company has a market capitalization of $4.67 billion, a PE ratio of -9.75 and a beta of 1.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.02). The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The business's quarterly revenue was down 18.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating for the company in a research report on Wednesday, September 18th. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a "buy" rating and a $16.00 price target on the stock. StockNews.com lowered Cleveland-Cliffs from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 27th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and an average target price of $17.22.

Cleveland-Cliffs 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.