Hsbc Holdings PLC Has $1.09 Million Stake in Cleveland-Cliffs Inc. $CLF

Hsbc Holdings PLC reduced its holdings in Cleveland-Cliffs Inc. (NYSE:CLF) by 59.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 129,378 shares of the mining company’s stock after selling 188,869 shares during the quarter. Hsbc Holdings PLC’s holdings in Cleveland-Cliffs were worth $1,093,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Public Employees Retirement System of Ohio grew its position in shares of Cleveland-Cliffs by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after purchasing an additional 943 shares during the period. Moors & Cabot Inc. lifted its stake in Cleveland-Cliffs by 3.0% in the third quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after buying an additional 960 shares in the last quarter. Rexford Capital Inc. lifted its stake in Cleveland-Cliffs by 11.8% in the fourth quarter. Rexford Capital Inc. now owns 9,500 shares of the mining company’s stock valued at $126,000 after buying an additional 1,000 shares in the last quarter. Cidel Asset Management Inc. boosted its holdings in shares of Cleveland-Cliffs by 6.0% in the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock valued at $242,000 after buying an additional 1,037 shares during the period. Finally, IFP Advisors Inc increased its position in shares of Cleveland-Cliffs by 117.5% during the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock worth $29,000 after acquiring an additional 1,200 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was 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 directly owned 184,542 shares in the company, valued at $2,474,708.22. This trade represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Stock Down 2.3%

Cleveland-Cliffs stock opened at $11.97 on Wednesday. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 1-year low of $7.73 and a 1-year high of $16.70. The company has a fifty day simple moving average of $11.36 and a 200 day simple moving average of $11.01. The company has a market cap of $6.83 billion, a P/E ratio of -7.39 and a beta of 2.13.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $5.23 billion during 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 quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.50) EPS. Research analysts anticipate that Cleveland-Cliffs Inc. will post -0.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on CLF shares. Wells Fargo & Company restated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and increased their target price for the stock from $15.01 to $15.60 in a report on Friday, July 24th. Citigroup reissued a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday. Argus upgraded Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.86.

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.