Hodges Capital Management Inc. Has $17.96 Million Stake in Cleveland-Cliffs Inc (CLF)

Hodges Capital Management Inc. trimmed its position in Cleveland-Cliffs Inc (NYSE:CLF) by 40.1% during the first quarter, HoldingsChannel reports. The firm owned 1,798,140 shares of the mining company’s stock after selling 1,205,005 shares during the quarter. Cleveland-Cliffs accounts for approximately 1.8% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 8th biggest holding. Hodges Capital Management Inc.’s holdings in Cleveland-Cliffs were worth $17,963,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC raised its stake in Cleveland-Cliffs by 1,266.7% in the fourth quarter. Flagship Harbor Advisors LLC now owns 4,100 shares of the mining company’s stock valued at $31,000 after buying an additional 3,800 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $50,000. Quantamental Technologies LLC bought a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $52,000. State of Alaska Department of Revenue bought a new stake in Cleveland-Cliffs in the first quarter valued at approximately $56,000. Finally, Bessemer Group Inc. bought a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $65,000. Institutional investors and hedge funds own 74.20% of the company’s stock.

CLF has been the topic of several research reports. Zacks Investment Research downgraded Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. Morgan Stanley set a $12.00 price target on Cleveland-Cliffs and gave the stock a “hold” rating in a research report on Tuesday, March 5th. TheStreet raised Cleveland-Cliffs from a “c+” rating to a “b” rating in a research report on Wednesday, February 20th. JPMorgan Chase & Co. increased their price target on Cleveland-Cliffs to $17.00 and gave the stock an “overweight” rating in a research report on Monday, February 11th. Finally, Jefferies Financial Group increased their price target on Cleveland-Cliffs from $11.50 to $13.75 and gave the stock a “buy” rating in a research report on Friday, February 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Cleveland-Cliffs has an average rating of “Hold” and an average price target of $12.16.

Shares of CLF stock traded up $0.13 during trading hours on Monday, reaching $10.24. The company’s stock had a trading volume of 6,040,602 shares, compared to its average volume of 10,395,283. The company has a market cap of $2.91 billion, a PE ratio of 4.81 and a beta of 1.81. Cleveland-Cliffs Inc has a fifty-two week low of $6.78 and a fifty-two week high of $13.10. The company has a debt-to-equity ratio of 4.93, a quick ratio of 2.77 and a current ratio of 3.16.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, February 8th. The mining company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.02). The business had revenue of $696.30 million during the quarter, compared to analyst estimates of $721.52 million. Cleveland-Cliffs had a net margin of 47.17% and a negative return on equity of 509.82%. The company’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 EPS. On average, equities analysts predict that Cleveland-Cliffs Inc will post 1.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, April 4th. Cleveland-Cliffs’s payout ratio is 9.39%.

In related news, Director Susan Miranda Green sold 12,700 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $10.06, for a total transaction of $127,762.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Koci bought 3,200 shares of the stock in a transaction that occurred on Friday, February 15th. The shares were bought at an average cost of $11.23 per share, with a total value of $35,936.00. Following the completion of the transaction, the chief financial officer now owns 3,700 shares in the company, valued at $41,551. The disclosure for this purchase can be found here. 1.32% of the stock is currently owned by corporate insiders.

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Cleveland-Cliffs Profile

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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