First Dallas Securities Inc. Acquires 16,250 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

First Dallas Securities Inc. grew its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 11.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,600 shares of the mining company’s stock after acquiring an additional 16,250 shares during the quarter. Cleveland-Cliffs accounts for 1.1% of First Dallas Securities Inc.’s portfolio, making the stock its 27th largest holding. First Dallas Securities Inc.’s holdings in Cleveland-Cliffs were worth $2,487,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CLF. Hodges Capital Management Inc. boosted its holdings in Cleveland-Cliffs by 5.0% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,199,634 shares of the mining company’s stock valued at $33,852,000 after purchasing an additional 104,197 shares during the period. CIBC Asset Management Inc grew its position in Cleveland-Cliffs by 34.1% during the second quarter. CIBC Asset Management Inc now owns 18,711 shares of the mining company’s stock worth $288,000 after buying an additional 4,753 shares in the last quarter. Verus Capital Partners LLC increased its stake in Cleveland-Cliffs by 11.2% during the second quarter. Verus Capital Partners LLC now owns 13,375 shares of the mining company’s stock valued at $206,000 after acquiring an additional 1,350 shares during the period. Mraz Amerine & Associates Inc. raised its holdings in Cleveland-Cliffs by 3.4% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 144,665 shares of the mining company’s stock valued at $2,226,000 after acquiring an additional 4,816 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its position in shares of Cleveland-Cliffs by 144.5% in the 2nd quarter. Ritholtz Wealth Management now owns 51,857 shares of the mining company’s stock worth $798,000 after acquiring an additional 30,651 shares during the period. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $14.99 per share, for a total transaction of $100,433.00. Following the transaction, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Celso L. Goncalves, Jr. bought 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average price of $14.98 per share, with a total value of $108,605.00. Following the completion of the purchase, the chief financial officer now owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction on Wednesday, June 12th. The shares were bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the acquisition, the director now owns 14,167 shares of the company’s stock, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded down $0.18 during trading on Thursday, reaching $11.81. The company had a trading volume of 3,045,977 shares, compared to its average volume of 9,268,146. Cleveland-Cliffs Inc. has a 52 week low of $11.81 and a 52 week high of $22.97. The business’s 50 day moving average price is $14.31 and its 200-day moving average price is $17.25. The stock has a market cap of $5.62 billion, a PE ratio of 16.22, a PEG ratio of 7.70 and a beta of 2.03. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the business earned $0.69 EPS. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. Analysts expect that Cleveland-Cliffs Inc. will post 0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

CLF has been the topic of a number of research reports. Bank of America lowered their price objective on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 27th. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a research note on Monday, May 20th. They issued a “buy” rating and a $22.00 price objective on the stock. B. Riley restated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Morgan Stanley lowered their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.94.

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.