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

Hsbc Holdings PLC lifted its stake in Cleveland-Cliffs Inc. (NYSE:CLF) by 503.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 780,612 shares of the mining company’s stock after buying an additional 651,234 shares during the period. Hsbc Holdings PLC owned about 0.14% of Cleveland-Cliffs worth $7,437,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Archer Investment Corp acquired a new position in Cleveland-Cliffs in the second quarter worth $448,000. Kingsview Wealth Management LLC acquired a new position in shares of Cleveland-Cliffs during the 2nd quarter worth about $145,000. Beacon Pointe Advisors LLC acquired a new position in Cleveland-Cliffs during the second quarter valued at approximately $324,000. Empowered Funds LLC bought a new stake in shares of Cleveland-Cliffs in the 2nd quarter valued at $4,573,000. Finally, United Capital Financial Advisors LLC bought a new stake in shares of Cleveland-Cliffs in the second quarter worth about $490,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Glj Research upgraded shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and raised their price objective for the stock from $15.01 to $15.60 in a report on Friday, July 24th. UBS Group set a $13.00 price objective on Cleveland-Cliffs in a report on Monday. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Tuesday, July 21st. Finally, Bank of America lowered their target price on Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.06.

Cleveland-Cliffs Price Performance

CLF stock opened at $12.08 on Thursday. The company has a market capitalization of $6.89 billion, a P/E ratio of -7.46 and a beta of 2.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $16.70. The company 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 issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.50) EPS. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Cleveland-Cliffs Company 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.