First Dallas Securities Inc. Purchases 43,740 Shares of 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. raised its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 21.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 245,240 shares of the mining company's stock after buying 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 reporting period.

Other institutional investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cleveland-Cliffs by 22.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company's stock valued at $12,209,000 after buying an additional 242,386 shares during the period. Twelve Points Wealth Management LLC boosted its position in Cleveland-Cliffs by 51.7% during the 1st quarter. Twelve Points Wealth Management LLC now owns 225,499 shares of the mining company's stock valued at $1,854,000 after buying an additional 76,827 shares during the period. Wexford Capital LP boosted its position in Cleveland-Cliffs by 1,212.0% during the 4th quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company's stock valued at $9,578,000 after buying an additional 941,284 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted 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 valued at $12,838,000 after buying an additional 1,090,237 shares during the period. Finally, Quantinno Capital Management LP purchased a new stake in Cleveland-Cliffs during the 4th quarter valued at $260,000. Hedge funds and other institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

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

Cleveland-Cliffs Trading Down 0.8%

Shares of NYSE:CLF traded down $0.10 on Friday, hitting $11.69. The company had a trading volume of 19,979,275 shares, compared to its average volume of 15,628,986. Cleveland-Cliffs Inc. has a 1 year low of $5.63 and a 1 year high of $14.34. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -3.43 and a beta of 1.93. The firm's 50-day simple moving average is $10.31 and its two-hundred day simple moving average is $8.80. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The company had revenue of $4.93 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the company posted $0.11 EPS. Cleveland-Cliffs's revenue was up 7.5% on a year-over-year basis. Equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

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.