Hsbc Holdings PLC Acquires 651,234 Shares of Cleveland-Cliffs Inc. $CLF

Hsbc Holdings PLC boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 503.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 780,612 shares of the mining company’s stock after purchasing an additional 651,234 shares during the period. Hsbc Holdings PLC’s holdings in Cleveland-Cliffs were worth $7,437,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CLF. BlackRock Inc. purchased a new stake in Cleveland-Cliffs during the second quarter worth about $522,766,000. Castle Hook Partners LP boosted 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 acquiring an additional 15,393,507 shares during the last quarter. Turiya Advisors Asia Ltd bought a new position in shares of Cleveland-Cliffs during the 4th quarter valued at approximately $96,280,000. PointState Capital LP bought a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $61,805,000. Finally, Avala Global LP purchased a new stake in shares of Cleveland-Cliffs during the 2nd quarter worth approximately $58,325,000. Institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

CLF has been the topic of several research analyst reports. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.01 to $15.60 in a research note on Friday, July 24th. UBS Group set a $13.00 target price on Cleveland-Cliffs in a research note on Monday. 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 research report on Monday, June 22nd. Bank of America cut their price target on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Finally, Barclays lifted their price objective on Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.06.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $12.08 on Thursday. The firm has a market capitalization of $6.89 billion, a P/E ratio of -7.46 and a beta of 2.10. Cleveland-Cliffs Inc. has a one year low of $7.73 and a one year high of $16.70. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63. The business has a fifty day moving average price of $11.18 and a 200-day moving average price of $10.74.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%.The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.50) EPS. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Cleveland-Cliffs 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.