Cleveland-Cliffs Inc. $CLF Shares Sold by First Dallas Securities Inc.

First Dallas Securities Inc. trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 17.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 243,800 shares of the mining company’s stock after selling 52,000 shares during the quarter. Cleveland-Cliffs accounts for about 1.2% of First Dallas Securities Inc.’s investment portfolio, making the stock its 22nd largest holding. First Dallas Securities Inc.’s holdings in Cleveland-Cliffs were worth $3,238,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Cleveland-Cliffs by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock valued at $722,318,000 after buying an additional 6,447,462 shares in the last quarter. State Street Corp lifted its position in Cleveland-Cliffs by 20.2% during the second quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock valued at $208,623,000 after buying an additional 4,603,807 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cleveland-Cliffs by 14.7% during the fourth quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock worth $133,372,000 after purchasing an additional 1,286,042 shares in the last quarter. Citigroup Inc. lifted its position in shares of Cleveland-Cliffs by 17.5% during the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after purchasing an additional 1,195,035 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Cleveland-Cliffs by 200.4% during the second quarter. BNP Paribas Financial Markets now owns 6,329,414 shares of the mining company’s stock worth $48,104,000 after purchasing an additional 4,222,528 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.95% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Barclays assumed coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They set an “underweight” rating and a $9.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Friday, April 24th. Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. KeyCorp assumed coverage on shares of Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, Glj Research raised shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating and boosted their target price for the stock from $9.03 to $15.01 in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $12.55.

Cleveland-Cliffs Stock Up 0.6%

Shares of NYSE:CLF opened at $12.75 on Wednesday. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. The company has a fifty day simple moving average of $10.65 and a 200 day simple moving average of $11.53. The firm has a market cap of $7.27 billion, a PE ratio of -5.45 and a beta of 2.09. Cleveland-Cliffs Inc. has a 12-month low of $6.72 and a 12-month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. The business had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.92) earnings per share. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.