Tectonic Advisors LLC Purchases 33,637 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Tectonic Advisors LLC lifted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 33.2% during the fourth quarter, HoldingsChannel reports. The firm owned 134,814 shares of the mining company’s stock after buying 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.

Several other institutional investors and hedge funds also recently made changes to their positions in CLF. Yousif Capital Management LLC raised its stake in Cleveland-Cliffs by 2.0% during the 4th quarter. Yousif Capital Management LLC now owns 184,438 shares of the mining company’s stock worth $1,734,000 after buying an additional 3,610 shares during the period. Retirement Systems of Alabama increased its holdings in shares of Cleveland-Cliffs by 1.7% in the fourth quarter. Retirement Systems of Alabama now owns 1,201,661 shares of the mining company’s stock worth $11,296,000 after acquiring an additional 20,024 shares in the last quarter. Ninety One UK Ltd lifted its holdings in shares of Cleveland-Cliffs by 121.5% during the 4th quarter. Ninety One UK Ltd now owns 1,501,297 shares of the mining company’s stock valued at $14,112,000 after purchasing an additional 823,562 shares in the last quarter. Hodges Capital Management Inc. grew its position in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Hodges Capital Management Inc. now owns 3,316,786 shares of the mining company’s stock valued at $31,178,000 after purchasing an additional 391,109 shares during the period. Finally, JB Capital LLC increased its stake in Cleveland-Cliffs by 17.3% during the 4th quarter. JB Capital LLC now owns 102,248 shares of the mining company’s stock worth $961,000 after purchasing an additional 15,046 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $10.44 on Thursday. The company has a fifty day moving average price of $10.38 and a two-hundred day moving average price of $12.01. Cleveland-Cliffs Inc. has a one year low of $8.99 and a one year high of $22.97. The stock has a market cap of $5.16 billion, a P/E ratio of -10.76 and a beta of 1.96. 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) last issued its quarterly earnings data 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 firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. As a group, equities analysts predict that Cleveland-Cliffs Inc. will post -0.69 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Morgan Stanley cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday. The Goldman Sachs Group initiated coverage on shares of Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Glj Research upgraded 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. Citigroup decreased their price objective on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Finally, StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price 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.