Cleveland-Cliffs Inc. (NYSE:CLF) Stock Holdings Raised by Hodges Capital Management Inc.

Hodges Capital Management Inc. grew its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 33.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,925,677 shares of the mining company's stock after purchasing an additional 726,043 shares during the period. Cleveland-Cliffs comprises about 2.4% of Hodges Capital Management Inc.'s holdings, making the stock its 7th largest holding. Hodges Capital Management Inc. owned approximately 0.59% of Cleveland-Cliffs worth $37,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CLF. Strengthening Families & Communities LLC boosted its stake in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company's stock worth $25,000 after buying an additional 1,490 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at $31,000. Gradient Investments LLC raised its position in Cleveland-Cliffs by 138.8% in the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock worth $33,000 after purchasing an additional 1,249 shares during the period. Finally, Darwin Wealth Management LLC bought a new stake in Cleveland-Cliffs in the third quarter worth $34,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CLF. Morgan Stanley lowered 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 cut their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a report on Tuesday, September 10th. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 target price for the company. 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 equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Cleveland-Cliffs currently has an average rating of "Hold" and a consensus price target of $17.39.

Cleveland-Cliffs Stock Down 1.8 %

Shares of NYSE CLF traded down $0.22 during mid-day trading on Friday, hitting $11.84. 10,554,474 shares of the stock traded hands, compared to its average volume of 12,379,779. The stock has a fifty day moving average price of $12.69 and a 200-day moving average price of $13.69. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company has a market cap of $5.85 billion, a price-to-earnings ratio of -12.21 and a beta of 1.92. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

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

Cleveland-Cliffs Company 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.