Hsbc Holdings PLC Has $1.09 Million Stock Position in Cleveland-Cliffs Inc. $CLF

Hsbc Holdings PLC lowered its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 59.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 129,378 shares of the mining company’s stock after selling 188,869 shares during the period. Hsbc Holdings PLC’s holdings in Cleveland-Cliffs were worth $1,093,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Castle Hook Partners LP raised its stake in Cleveland-Cliffs by 572.4% in the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock valued at $240,143,000 after buying an additional 15,393,507 shares during the period. Turiya Advisors Asia Ltd bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $96,280,000. Vanguard Group Inc. boosted its stake in shares of Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after acquiring an additional 6,447,462 shares during the period. Maple Rock Capital Partners Inc. increased its holdings in shares of Cleveland-Cliffs by 90.1% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company’s stock worth $164,117,000 after acquiring an additional 5,855,830 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Cleveland-Cliffs by 20.2% during the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company’s stock worth $208,623,000 after acquiring an additional 4,603,807 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Stock Down 2.3%

NYSE CLF opened at $11.97 on Wednesday. The company has a 50 day moving average of $11.36 and a 200-day moving average of $11.01. The company has a market cap of $6.83 billion, a price-to-earnings ratio of -7.39 and a beta of 2.13. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.Cleveland-Cliffs’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.50) EPS. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were 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 directly owned 184,542 shares in the company, valued at $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.95% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on CLF. Morgan Stanley reaffirmed an “equal weight” rating and set a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Barclays upped their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday. Wells Fargo & Company restated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $11.86.

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.