Cleveland-Cliffs Inc. $CLF Shares Bought by Lee Danner & Bass Inc.

Key Points

• Lee Danner & Bass Inc. increased its holdings in Cleveland-Cliffs Inc. by 143.5% in the 2nd quarter, now owning approximately 0.06% of the company worth $2,257,000.
• Wells Fargo maintained an "underweight" rating with a price target of $11.00, while JPMorgan raised its target from $10.00 to $13.00, reflecting mixed sentiments among analysts about Cleveland-Cliffs' stock.
• Cleveland-Cliffs reported a quarterly loss of ($0.45) EPS, beating expectations slightly, but revenue of $4.73 billion fell short of analyst estimates of $4.90 billion.

Lee Danner & Bass Inc. raised its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 143.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 297,019 shares of the mining company's stock after buying an additional 175,019 shares during the period. Lee Danner & Bass Inc. owned about 0.06% of Cleveland-Cliffs worth $2,257,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CLF. Woodline Partners LP acquired a new stake in Cleveland-Cliffs in the 1st quarter worth about $22,696,000. Jump Financial LLC boosted its holdings in Cleveland-Cliffs by 362.5% in the 1st quarter. Jump Financial LLC now owns 3,000,102 shares of the mining company's stock worth $24,661,000 after buying an additional 2,351,372 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Cleveland-Cliffs by 168.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock worth $29,225,000 after buying an additional 2,232,799 shares during the last quarter. Nuveen LLC acquired a new stake in Cleveland-Cliffs in the 1st quarter worth about $9,416,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Cleveland-Cliffs by 231.2% in 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 buying an additional 1,090,237 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CLF has been the topic of several research analyst reports. Wells Fargo & Company reiterated an "underweight" rating and issued a $11.00 price objective on shares of Cleveland-Cliffs in a report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Cleveland-Cliffs from $10.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday, October 13th. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 target price on the stock in a report on Tuesday, July 22nd. Morgan Stanley boosted their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Bank of America boosted their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the stock a "neutral" rating in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.36.

Cleveland-Cliffs Trading Up 2.4%

Shares of Cleveland-Cliffs stock opened at $13.37 on Friday. The stock has a market cap of $6.62 billion, a P/E ratio of -3.93 and a beta of 1.96. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.04 and a quick ratio of 0.61. The stock's 50 day simple moving average is $11.94 and its 200-day simple moving average is $9.52. Cleveland-Cliffs Inc. has a 1-year low of $5.63 and a 1-year high of $16.70.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.03. The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.00% and a negative return on equity of 20.02%. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.33) EPS. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS 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.

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