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

Hsbc Holdings PLC raised its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1,059.4% in the 4th quarter, HoldingsChannel reports. 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’s holdings in Cleveland-Cliffs were worth $4,214,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Los Angeles Capital Management LLC purchased a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at $25,000. IFP Advisors Inc boosted its holdings in Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after acquiring an additional 1,200 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in Cleveland-Cliffs by 94.0% during 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 acquiring an additional 1,214 shares during the period. CIBC Private Wealth Group LLC grew its position in 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 acquiring an additional 1,855 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after acquiring an additional 2,392 shares in the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 184,542 shares of the company’s stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Down 1.2%

NYSE CLF opened at $9.40 on Friday. Cleveland-Cliffs Inc. has a 52 week low of $7.73 and a 52 week high of $16.70. The firm has a 50 day moving average of $11.49 and a two-hundred day moving average of $11.30. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $5.36 billion, a PE ratio of -4.02 and a beta of 2.13.

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

Analyst Upgrades and Downgrades

CLF has been the subject of several recent research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research note on Friday, May 1st. Wells Fargo & Company cut their target price on shares of Cleveland-Cliffs from $14.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Barclays began coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 10th. Nine investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $11.80.

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.