Cleveland-Cliffs Inc. $CLF Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1,059.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 318,247 shares of the mining company’s stock after buying an additional 290,797 shares during the period. Hsbc Holdings PLC owned about 0.06% of Cleveland-Cliffs worth $4,214,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CLF. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs during the fourth quarter worth $25,000. IFP Advisors Inc grew its holdings in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Cleveland-Cliffs by 819.2% in the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after buying an additional 2,392 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the 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 directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.95% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on CLF shares. Barclays began coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 10th. KeyCorp began coverage on Cleveland-Cliffs in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “hold” rating and upped their target price for the company from $9.03 to $15.01 in a research note on Tuesday, June 9th. Finally, Argus upgraded Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Nine equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $12.90.

Cleveland-Cliffs Stock Down 7.6%

Shares of NYSE:CLF opened at $9.94 on Friday. The stock has a 50-day simple moving average of $11.52 and a 200-day simple moving average of $11.52. The stock has a market capitalization of $5.67 billion, a P/E ratio of -4.25 and a beta of 2.09. Cleveland-Cliffs Inc. has a 1 year low of $7.01 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02.

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