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

Hsbc Holdings PLC grew its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 1,059.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 318,247 shares of the mining company’s stock after acquiring 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 reporting period.

Other institutional investors also recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $25,000. IFP Advisors Inc boosted its stake 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 purchasing an additional 1,200 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in Cleveland-Cliffs by 306.1% during 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 in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of 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 purchasing an additional 1,214 shares during the period. Finally, Larson Financial Group LLC raised its stake 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 owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Down 7.6%

CLF stock opened at $9.94 on Friday. The company has a 50 day moving average of $11.52 and a two-hundred day moving average of $11.52. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -4.25 and a beta of 2.09. Cleveland-Cliffs Inc. has a 12-month low of $7.01 and a 12-month high of $16.70. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29.

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

Insiders Place Their Bets

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 sale, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. 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 on the stock. Wells Fargo & Company increased their target price on shares of Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a research report on Monday, April 6th. Finally, KeyCorp initiated coverage on Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Nine equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $12.90.

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.