Cleveland-Cliffs Inc. $CLF Stock Position Decreased by Hsbc Holdings PLC

Hsbc Holdings PLC cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 87.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,797 shares of the mining company’s stock after selling 255,025 shares during the quarter. Hsbc Holdings PLC’s holdings in Cleveland-Cliffs were worth $310,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cleveland-Cliffs in the first quarter valued at $36,000. Fifth Third Bancorp lifted its holdings in shares of Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company’s stock valued at $51,000 after purchasing an additional 1,664 shares in the last quarter. Byrne Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company’s stock valued at $52,000 after purchasing an additional 1,753 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company’s stock valued at $65,000 after purchasing an additional 5,579 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Cleveland-Cliffs by 61.6% in the first quarter. GAMMA Investing LLC now owns 8,615 shares of the mining company’s stock valued at $71,000 after purchasing an additional 3,285 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CLF. Morgan Stanley increased their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. The Goldman Sachs Group reduced their target price on Cleveland-Cliffs from $13.00 to $11.25 and set a “buy” rating for the company in a report on Monday, May 12th. Wells Fargo & Company upgraded Cleveland-Cliffs to a “hold” rating in a report on Thursday, August 14th. Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price objective for the company. in a report on Wednesday, May 28th. Finally, KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and an average target price of $10.96.

Cleveland-Cliffs Trading Up 0.0%

Cleveland-Cliffs stock opened at $10.46 on Thursday. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The company has a market capitalization of $5.17 billion, a price-to-earnings ratio of -3.07 and a beta of 1.93. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.34. The company’s fifty day moving average price is $9.88 and its two-hundred day moving average price is $8.83.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.18. The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative net margin of 9.03% and a negative return on equity of 17.97%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 earnings per share. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.