First Dallas Securities Inc. Has $2.02 Million Stake in Cleveland-Cliffs Inc. $CLF

Key Points

• First Dallas Securities Inc. increased its stake in Cleveland-Cliffs Inc. by 21.7% in the first quarter, now owning 245,240 shares valued at $2,016,000.
• Several brokerages have issued mixed ratings for Cleveland-Cliffs, with Goldman Sachs lowering its price target to $11.25 while KeyCorp upgraded it to $14.00.
• Cleveland-Cliffs reported a quarterly revenue of $4.93 billion, beating estimates and indicating a 7.5% increase from the same quarter last year despite a reported EPS of ($0.50).

First Dallas Securities Inc. boosted its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 21.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,240 shares of the mining company's stock after acquiring an additional 43,740 shares during the period. First Dallas Securities Inc.'s holdings in Cleveland-Cliffs were worth $2,016,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CLF. Jump Financial LLC lifted its position in Cleveland-Cliffs by 362.5% during the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock worth $24,661,000 after acquiring an additional 2,351,372 shares during the last quarter. Allianz Asset Management GmbH lifted its position in Cleveland-Cliffs by 168.8% during the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after acquiring an additional 2,232,799 shares during the last quarter. Deutsche Bank AG lifted its position in Cleveland-Cliffs by 69.5% during the 4th quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock worth $33,394,000 after acquiring an additional 1,456,236 shares during the last quarter. Nuveen LLC acquired a new position in Cleveland-Cliffs during the 1st quarter worth $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Cleveland-Cliffs by 231.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock worth $12,838,000 after acquiring an additional 1,090,237 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company's stock.

Analyst Ratings Changes

CLF has been the topic of several research reports. Glj Research downgraded shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price objective on the stock. in a report on Wednesday, May 28th. JPMorgan Chase & Co. boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Morgan Stanley boosted their price objective on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Citigroup boosted their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a report on Tuesday, July 22nd. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.96.

Cleveland-Cliffs Price Performance

NYSE CLF traded up $0.45 on Thursday, reaching $11.82. The company's stock had a trading volume of 24,310,578 shares, compared to its average volume of 24,469,430. The firm has a market cap of $5.85 billion, a PE ratio of -3.47 and a beta of 1.93. The business has a 50-day moving average price of $10.19 and a 200 day moving average price of $8.80. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 earnings per share. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS 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.