Hodges Capital Management Inc. Trims Stock Position in Cleveland-Cliffs Inc. $CLF

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. lessened its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 37.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,071,467 shares of the mining company's stock after selling 1,245,319 shares during the quarter. Cleveland-Cliffs comprises about 1.7% of Hodges Capital Management Inc.'s investment portfolio, making the stock its 11th biggest holding. Hodges Capital Management Inc. owned 0.42% of Cleveland-Cliffs worth $17,027,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Focus Partners Wealth purchased a new stake in Cleveland-Cliffs in the first quarter worth about $339,000. Woodline Partners LP purchased a new position in Cleveland-Cliffs during the first quarter valued at approximately $22,696,000. First Dallas Securities Inc. lifted its holdings in Cleveland-Cliffs by 21.7% during the first quarter. First Dallas Securities Inc. now owns 245,240 shares of the mining company's stock valued at $2,016,000 after purchasing an additional 43,740 shares in the last quarter. Scientech Research LLC purchased a new position in shares of Cleveland-Cliffs during the 1st quarter valued at $794,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Cleveland-Cliffs by 3.6% in the first quarter. NewEdge Advisors LLC now owns 520,716 shares of the mining company's stock worth $4,280,000 after buying an additional 17,993 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded down $0.14 during trading on Wednesday, reaching $11.58. The company had a trading volume of 7,495,402 shares, compared to its average volume of 24,341,045. The firm's 50-day simple moving average is $10.44 and its 200 day simple moving average is $8.82. 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 $5.73 billion, a PE ratio of -3.40 and a beta of 1.93. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released 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. The firm had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.11 EPS. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLF has been the topic of several research reports. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target on the stock. in a research 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 company a "neutral" rating in a research report on Thursday, July 24th. 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 research note on Tuesday, July 22nd. Morgan Stanley raised their price target 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. Finally, Bank of America raised their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.24.

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.