Cleveland-Cliffs Inc. (NYSE:CLF) is Hodges Capital Management Inc.’s 9th Largest Position

Hodges Capital Management Inc. raised its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 13.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,316,786 shares of the mining company’s stock after purchasing an additional 391,109 shares during the period. Cleveland-Cliffs accounts for about 1.9% of Hodges Capital Management Inc.’s portfolio, making the stock its 9th largest position. Hodges Capital Management Inc. owned 0.67% of Cleveland-Cliffs worth $31,178,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC bought a new position in Cleveland-Cliffs in the third quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at about $34,000. Blue Trust Inc. boosted its holdings in shares of Cleveland-Cliffs by 231.9% in the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after buying an additional 2,539 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Cleveland-Cliffs by 1,190.6% in the 4th quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after buying an additional 4,917 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

CLF has been the subject of a number of analyst reports. Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Finally, Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price target for the company in a research note on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and an average price target of $16.93.

Cleveland-Cliffs Stock Down 2.2 %

Shares of CLF stock opened at $10.26 on Monday. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The firm has a market capitalization of $5.07 billion, a PE ratio of -10.57 and a beta of 1.96. 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 stock’s 50-day simple moving average is $10.50 and its 200-day simple moving average is $12.09.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share 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 during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the company posted $0.54 EPS. Cleveland-Cliffs’s quarterly revenue was down 18.5% compared to the same quarter last year. Equities analysts expect that Cleveland-Cliffs Inc. will post -0.69 earnings per share for the current year.

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.