Lee Danner & Bass Inc. Takes $1.15 Million Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Lee Danner & Bass Inc. bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 122,000 shares of the mining company’s stock, valued at approximately $1,147,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CLF. Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter valued at about $34,000. Byrne Asset Management LLC raised its position in Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC bought a new position in Cleveland-Cliffs during the 4th quarter valued at approximately $44,000. Finally, AllSquare Wealth Management LLC raised its position in Cleveland-Cliffs by 24.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 0.2 %

Shares of NYSE:CLF opened at $9.54 on Friday. Cleveland-Cliffs Inc. has a 52-week low of $8.50 and a 52-week high of $22.97. The firm has a market capitalization of $4.72 billion, a P/E ratio of -9.84 and a beta of 1.94. The stock has a 50 day moving average price of $10.39 and a 200-day moving average price of $11.32. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Keith Koci purchased 9,500 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $10.81 per share, for a total transaction of $102,695.00. Following the purchase, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John T. Baldwin purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $8.70 per share, for a total transaction of $34,800.00. Following the purchase, the director now directly owns 133,227 shares in the company, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 23,500 shares of company stock worth $243,095 in the last 90 days. Insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Glj Research lowered their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research report on Thursday, February 27th. Citigroup lowered their price target on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Morgan Stanley lowered their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group lowered their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.43.

About Cleveland-Cliffs

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.