Tectonic Advisors LLC Boosts Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Tectonic Advisors LLC increased its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 33.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 134,814 shares of the mining company's stock after purchasing an additional 33,637 shares during the quarter. Tectonic Advisors LLC's holdings in Cleveland-Cliffs were worth $1,267,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Franklin Resources Inc. grew its position in shares of Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company's stock valued at $3,429,000 after purchasing an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC purchased a new position in Cleveland-Cliffs during the fourth quarter worth about $18,999,000. Twelve Points Wealth Management LLC grew its position in Cleveland-Cliffs by 58.5% during the third quarter. Twelve Points Wealth Management LLC now owns 133,717 shares of the mining company's stock worth $1,708,000 after buying an additional 49,359 shares in the last quarter. Janus Henderson Group PLC increased its stake in Cleveland-Cliffs by 987.0% in the 3rd quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company's stock worth $2,644,000 after acquiring an additional 187,957 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at about $22,122,000. 67.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Trading Down 5.8 %

CLF stock traded down $0.62 during trading on Friday, hitting $10.05. 19,320,212 shares of the company traded hands, compared to its average volume of 11,458,728. The company has a 50-day moving average of $10.30 and a 200-day moving average of $11.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year high of $22.97. The firm has a market capitalization of $4.96 billion, a PE ratio of -10.36 and a beta of 1.96.

Analysts Set New Price Targets

CLF has been the topic of several research analyst reports. StockNews.com cut shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Glj Research raised shares of Cleveland-Cliffs from a "sell" rating to a "buy" rating and set a $14.27 price target on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a "buy" rating and a $16.00 price objective for the company. Morgan Stanley reduced their target price 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 dropped 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. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $16.68.

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.