Lee Danner & Bass Inc. Boosts Position in Cleveland-Cliffs Inc. $CLF

Lee Danner & Bass Inc. lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 66.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 452,000 shares of the mining company’s stock after acquiring an additional 180,000 shares during the quarter. Lee Danner & Bass Inc. owned approximately 0.08% of Cleveland-Cliffs worth $3,819,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Barclays PLC lifted its position in shares of Cleveland-Cliffs by 281.9% in the 3rd quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock worth $28,161,000 after purchasing an additional 1,703,791 shares during the period. Phocas Financial Corp. increased its position in shares of Cleveland-Cliffs by 47.0% during the fourth quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock valued at $6,306,000 after buying an additional 151,868 shares during the period. Lighthouse Investment Partners LLC purchased a new position in shares of Cleveland-Cliffs during the third quarter valued at about $9,171,000. Neo Ivy Capital Management bought a new position in Cleveland-Cliffs in the third quarter worth about $1,408,000. Finally, Vanguard Group Inc. raised its stake in Cleveland-Cliffs by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after buying an additional 6,447,462 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Insider Buying and Selling at Cleveland-Cliffs

In related news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is owned by insiders.

Cleveland-Cliffs Trading Down 0.4%

Shares of NYSE CLF opened at $9.82 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $7.73 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The firm has a 50-day moving average of $11.52 and a 200 day moving average of $11.41. The stock has a market cap of $5.60 billion, a P/E ratio of -4.20 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter last year, the firm earned ($0.92) earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.27 EPS for the current fiscal year.

Analyst Ratings Changes

CLF has been the topic of several research reports. Argus raised Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a research note on Friday, May 1st. KeyCorp initiated coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, Wells Fargo & Company lifted their price target on Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. Nine analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $12.90.

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.