Tectonic Advisors LLC Increases Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Tectonic Advisors LLC raised its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 40.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,143 shares of the mining company's stock after acquiring an additional 54,329 shares during the period. Tectonic Advisors LLC's holdings in Cleveland-Cliffs were worth $1,555,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CLF. Vanguard Group Inc. raised its stake in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company's stock valued at $458,267,000 after buying an additional 2,556,332 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company's stock worth $199,724,000 after purchasing an additional 647,282 shares in the last quarter. Slate Path Capital LP increased its stake in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock worth $152,355,000 after buying an additional 4,239,000 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cleveland-Cliffs by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company's stock valued at $79,611,000 after acquiring an additional 264,078 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can bought a new stake in Cleveland-Cliffs in the fourth quarter worth about $55,453,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Insiders Place Their Bets

In related news, EVP James D. Graham sold 120,000 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total value of $822,000.00. Following the transaction, the executive vice president owned 492,249 shares in the company, valued at approximately $3,371,905.65. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.71% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Glj Research lowered 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. Morgan Stanley upped their price objective on shares of Cleveland-Cliffs from $7.50 to $8.00 and gave the company an "equal weight" rating in a research note on Friday, June 20th. B. Riley reissued a "buy" rating and issued a $17.00 price target (down previously from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $7.50 target price on shares of Cleveland-Cliffs in a report on Monday. Finally, The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research note on Monday, May 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $9.78.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF traded up $0.08 during trading on Friday, reaching $9.47. The stock had a trading volume of 7,777,134 shares, compared to its average volume of 19,646,056. The stock has a fifty day simple moving average of $7.65 and a two-hundred day simple moving average of $8.79. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -3.88 and a beta of 1.91. The company has a quick ratio of 0.64, a current ratio of 2.13 and a debt-to-equity ratio of 1.17. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.00.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The mining company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.14). Cleveland-Cliffs had a negative return on equity of 12.84% and a negative net margin of 6.35%. The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.71 billion. During the same period in the prior year, the firm posted $0.18 earnings per share. The business's revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, 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.