Lee Danner & Bass Inc. Makes New Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Lee Danner & Bass Inc. bought a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 122,000 shares of the mining company's stock, valued at approximately $1,147,000.

A number of other institutional investors and hedge funds have also modified their holdings of CLF. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth about $34,000. Truvestments Capital LLC bought a new stake in Cleveland-Cliffs during the 3rd quarter worth about $34,000. Byrne Asset Management LLC lifted its holdings in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after buying an additional 2,600 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth $44,000. Finally, AllSquare Wealth Management LLC boosted its holdings in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after buying an additional 1,000 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CLF shares. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. B. Riley reiterated a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. The Goldman Sachs Group lowered their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Finally, Citigroup reduced their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs presently has an average rating of "Hold" and an average price target of $16.43.

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Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock traded up $0.12 on Tuesday, reaching $9.41. 17,943,089 shares of the stock were exchanged, compared to its average volume of 12,774,881. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97. The firm's 50 day moving average is $10.36 and its 200-day moving average is $11.27. 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 firm has a market cap of $4.65 billion, a PE ratio of -9.70 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. As a group, analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the acquisition, the director now directly owns 133,227 shares of the company's stock, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jane M. Cronin acquired 10,000 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares of the company's stock, valued at $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 23,500 shares of company stock valued at $243,095 in the last 90 days. 1.76% of the stock is owned by corporate insiders.

About Cleveland-Cliffs

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.