HBK Investments L P cut its stake in Cleveland-Cliffs Inc (NYSE:CLF) by 29.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,357,456 shares of the mining company’s stock after selling 564,344 shares during the period. HBK Investments L P owned 0.46% of Cleveland-Cliffs worth $9,787,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. NEXT Financial Group Inc boosted its holdings in shares of Cleveland-Cliffs by 87.8% during the 4th quarter. NEXT Financial Group Inc now owns 13,905 shares of the mining company’s stock worth $100,000 after buying an additional 6,500 shares in the last quarter. Granite Springs Asset Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $105,000. Quantitative Investment Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $115,000. Girard Partners LTD. bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $142,000. Finally, First Trust Advisors LP bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $227,000. Institutional investors and hedge funds own 60.71% of the company’s stock.
In related news, Director Susan Miranda Green sold 11,305 shares of the stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $7.62, for a total value of $86,144.10. Following the transaction, the director now directly owns 60,367 shares in the company, valued at approximately $459,996.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is owned by company insiders.
Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Thursday, January 25th. The mining company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.11. Cleveland-Cliffs had a negative return on equity of 35.81% and a net margin of 16.09%. The company had revenue of $600.90 million for the quarter, compared to analysts’ expectations of $612.50 million. During the same period last year, the business earned $0.42 EPS. Cleveland-Cliffs’s quarterly revenue was down 20.3% compared to the same quarter last year. analysts predict that Cleveland-Cliffs Inc will post 1.15 earnings per share for the current year.
A number of equities analysts have issued reports on CLF shares. B. Riley set a $10.00 price target on Cleveland-Cliffs and gave the stock a “buy” rating in a report on Friday, November 17th. KeyCorp restated a “hold” rating on shares of Cleveland-Cliffs in a report on Friday, November 24th. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $8.25 price target on the stock in a report on Tuesday, December 26th. ValuEngine cut Cleveland-Cliffs from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Finally, Vertical Group started coverage on Cleveland-Cliffs in a report on Friday, January 19th. They set a “sell” rating on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $9.79.
TRADEMARK VIOLATION NOTICE: This piece was first posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece on another website, it was copied illegally and reposted in violation of United States & international trademark & copyright law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2018/03/14/hbk-investments-l-p-has-9-79-million-position-in-cleveland-cliffs-inc-clf.html.
Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc, is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore.
Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.