Hsbc Holdings PLC Takes $7.44 Million Position in Cleveland-Cliffs Inc. $CLF

Hsbc Holdings PLC acquired a new position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 780,612 shares of the mining company’s stock, valued at approximately $7,437,000.

Other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs in the fourth quarter worth about $25,000. IFP Advisors Inc boosted its holdings in Cleveland-Cliffs by 117.5% during 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 in the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Cleveland-Cliffs by 306.1% in the 4th 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 period. Caitong International Asset Management Co. Ltd grew its stake in shares of Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares during the period. Finally, Larson Financial Group LLC raised its holdings in shares of Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock worth $33,000 after buying an additional 2,392 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 1.9%

Cleveland-Cliffs stock opened at $11.61 on Friday. The company’s 50 day simple moving average is $10.89 and its 200 day simple moving average is $10.68. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of -7.17 and a beta of 2.09. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.89 and a quick ratio of 0.63.

Cleveland-Cliffs (NYSE:CLF) last issued 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. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same quarter in the previous year, the company earned ($0.50) earnings per share. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research report on Monday, June 22nd. JPMorgan Chase & Co. dropped their price objective on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. The Goldman Sachs Group reissued a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.96.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. The trade was a 53.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by corporate insiders.

About Cleveland-Cliffs

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.