Hsbc Holdings PLC Decreases Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Hsbc Holdings PLC trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 66.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 665,196 shares of the mining company’s stock after selling 1,305,758 shares during the quarter. Hsbc Holdings PLC owned approximately 0.14% of Cleveland-Cliffs worth $10,254,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. First Washington CORP boosted its stake in Cleveland-Cliffs by 16.1% during the 2nd quarter. First Washington CORP now owns 342,381 shares of the mining company’s stock worth $5,269,000 after purchasing an additional 47,398 shares during the last quarter. Elkhorn Partners Limited Partnership lifted its stake in shares of Cleveland-Cliffs by 225.6% in the second quarter. Elkhorn Partners Limited Partnership now owns 63,500 shares of the mining company’s stock worth $977,000 after buying an additional 44,000 shares in the last quarter. Terril Brothers Inc. boosted its position in Cleveland-Cliffs by 15.1% during the second quarter. Terril Brothers Inc. now owns 1,040,170 shares of the mining company’s stock worth $16,008,000 after acquiring an additional 136,820 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 54.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,906,597 shares of the mining company’s stock valued at $244,794,000 after acquiring an additional 5,621,797 shares in the last quarter. Finally, WINTON GROUP Ltd raised its holdings in Cleveland-Cliffs by 1,650.8% in the 2nd quarter. WINTON GROUP Ltd now owns 874,464 shares of the mining company’s stock valued at $13,458,000 after acquiring an additional 824,518 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $23.00 to $17.00 in a research report on Tuesday, June 11th. B. Riley reaffirmed a “buy” rating and issued a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Bank of America reduced their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. Finally, Morgan Stanley reduced their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Trading Up 0.8 %

NYSE CLF opened at $11.87 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.87 and a quick ratio of 0.60. The stock has a market capitalization of $5.64 billion, a P/E ratio of 16.04, a PEG ratio of 21.57 and a beta of 1.97. The firm’s 50-day moving average is $13.25 and its two-hundred day moving average is $16.43. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, July 22nd. The mining company reported $0.11 EPS for the quarter. Cleveland-Cliffs had a net margin of 0.21% and a return on equity of 4.94%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the prior year, the business posted $0.69 EPS. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post 0.01 earnings per share for the current 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.