Hodges Capital Management Inc. Has $47.65 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Hodges Capital Management Inc. reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 24.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,095,437 shares of the mining company’s stock after selling 691,932 shares during the quarter. Cleveland-Cliffs makes up about 3.1% of Hodges Capital Management Inc.’s holdings, making the stock its 3rd largest position. Hodges Capital Management Inc. owned about 0.44% of Cleveland-Cliffs worth $47,650,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Cleveland-Cliffs by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,053 shares of the mining company’s stock worth $570,000 after buying an additional 476 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Cleveland-Cliffs by 0.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after purchasing an additional 612 shares during the period. Allworth Financial LP boosted its position in shares of Cleveland-Cliffs by 50.3% during the fourth quarter. Allworth Financial LP now owns 1,850 shares of the mining company’s stock valued at $38,000 after purchasing an additional 619 shares in the last quarter. Lindbrook Capital LLC grew its position in shares of Cleveland-Cliffs by 83.7% in the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after buying an additional 716 shares during the period. Finally, 180 Wealth Advisors LLC lifted its position in Cleveland-Cliffs by 1.3% in the 4th quarter. 180 Wealth Advisors LLC now owns 57,546 shares of the mining company’s stock valued at $1,138,000 after acquiring an additional 747 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded up $0.39 during mid-day trading on Friday, hitting $15.39. The company had a trading volume of 17,594,703 shares, compared to its average volume of 10,515,551. The company has a market capitalization of $7.32 billion, a P/E ratio of 20.80, a P/E/G ratio of 0.76 and a beta of 2.08. The stock’s 50 day moving average price is $16.64 and its 200-day moving average price is $18.97. Cleveland-Cliffs Inc. has a 52-week low of $13.84 and a 52-week high of $22.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.90 and a quick ratio of 0.59.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. During the same quarter in the previous year, the business earned ($0.11) EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts forecast that Cleveland-Cliffs Inc. will post 0.44 earnings per share for the current year.

Cleveland-Cliffs declared that its Board of Directors has authorized a share buyback plan on Monday, April 22nd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on CLF. Morgan Stanley dropped their price objective on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Citigroup cut Cleveland-Cliffs from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research report on Wednesday, March 13th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs to a “hold” rating in a research note on Tuesday, June 11th. B. Riley reaffirmed a “buy” rating and set a $23.00 price target on shares of Cleveland-Cliffs in a report on Tuesday. Finally, Wolfe Research reissued an “underperform” rating and issued a $18.00 price objective on shares of Cleveland-Cliffs in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.44.

Insider Transactions at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average cost of $14.99 per share, with a total value of $100,433.00. Following the completion of the acquisition, the director now owns 14,167 shares in the company, valued at approximately $212,363.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were acquired at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the purchase, the chief financial officer now owns 314,362 shares of the company’s stock, valued at approximately $4,709,142.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ben Oren purchased 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired 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 in the company, valued at approximately $212,363.33. The disclosure for this purchase can be found here. Insiders have bought 98,950 shares of company stock valued at $1,639,638 in the last ninety days. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs 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.