Cleveland-Cliffs Inc. $CLF Shares Sold by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management Inc. reduced its holdings in Cleveland-Cliffs Inc. by 37.5%, now owning about 2,071,467 shares valued at $17.03 million, which represents 1.7% of its investment portfolio.
• Wall Street analysts have mixed ratings for Cleveland-Cliffs, with a consensus price target of $10.96 following upgrades and downgrades from various firms.
• Cleveland-Cliffs reported a $0.50 loss per share for its latest earnings, outperforming estimates, and its quarterly revenue rose by 7.5% year-over-year.

Hodges Capital Management Inc. decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 37.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,071,467 shares of the mining company's stock after selling 1,245,319 shares during the period. Cleveland-Cliffs accounts for approximately 1.7% of Hodges Capital Management Inc.'s portfolio, making the stock its 11th biggest holding. Hodges Capital Management Inc. owned about 0.42% of Cleveland-Cliffs worth $17,027,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Cleveland-Cliffs in the 1st quarter valued at $36,000. Fifth Third Bancorp increased its stake in Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after purchasing an additional 1,664 shares during the period. Byrne Asset Management LLC raised its holdings in shares of Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Cleveland-Cliffs by 243.2% during the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock worth $65,000 after buying an additional 5,579 shares during the period. Finally, AlphaQuest LLC grew its holdings in shares of Cleveland-Cliffs by 408,600.0% during the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock worth $67,000 after buying an additional 8,172 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on CLF shares. Morgan Stanley upped their price objective on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. Bank of America increased their price target on Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a report on Monday. Wells Fargo & Company boosted their price objective on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, 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 note on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has an average rating of "Hold" and an average price target of $11.24.

Cleveland-Cliffs Price Performance

NYSE CLF traded up $0.22 during mid-day trading on Monday, hitting $11.90. The stock had a trading volume of 22,849,587 shares, compared to its average volume of 24,434,736. The company has a 50 day simple moving average of $10.31 and a 200 day simple moving average of $8.79. The company has a market cap of $5.89 billion, a price-to-earnings ratio of -3.49 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. 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 posted its earnings results on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the company earned $0.11 earnings per share. Cleveland-Cliffs's revenue was up 7.5% compared to the same quarter last year. Equities analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Cleveland-Cliffs Company 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.