780,612 Shares in Cleveland-Cliffs Inc. $CLF Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 780,612 Cleveland-Cliffs shares worth approximately $7.44 million, giving it a 0.14% stake. Institutional investors collectively own 67.68% of the company.
• Analyst sentiment remains mixed, with Cleveland-Cliffs holding a consensus “Hold” rating and an average price target of $11.96; ratings include two Buys, seven Holds, and two Sells.
• The stock opened at $11.61, while the company reported quarterly revenue of $5.23 billion, up 5.9% year over year, and a loss of $0.20 per share that narrowly beat estimates.

Hsbc Holdings PLC bought a new stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 780,612 shares of the mining company's stock, valued at approximately $7,437,000. Hsbc Holdings PLC owned about 0.14% of Cleveland-Cliffs at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Focus Partners Wealth bought a new stake in Cleveland-Cliffs during the first quarter valued at about $339,000. Prudential Financial Inc. increased its stake in shares of Cleveland-Cliffs by 27.4% in the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company's stock worth $380,000 after purchasing an additional 10,733 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Cleveland-Cliffs by 4.4% in the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company's stock worth $1,088,000 after purchasing an additional 6,073 shares during the period. CW Advisors LLC lifted its position in shares of Cleveland-Cliffs by 47.4% during the 2nd quarter. CW Advisors LLC now owns 22,167 shares of the mining company's stock worth $168,000 after purchasing an additional 7,127 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Cleveland-Cliffs by 20.3% during the 2nd quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company's stock worth $23,417,000 after purchasing an additional 520,120 shares during the last quarter. Institutional investors own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CLF shares. 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 report on Thursday, July 9th. Wells Fargo & Company upped their price target on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Monday, August 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cleveland-Cliffs in a research report on Tuesday, July 21st. Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Finally, Barclays raised their price objective on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. 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. Based on data from MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and a consensus target price of $11.96.

Insider Activity at Cleveland-Cliffs

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the sale, the executive vice president owned 184,542 shares of the company's stock, valued at approximately $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.95% of the company's stock.

Cleveland-Cliffs Stock Down 1.9%

NYSE CLF opened at $11.61 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. The firm has a 50-day simple moving average of $10.89 and a 200 day simple moving average of $10.68. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $16.70. The stock has a market cap of $6.62 billion, a PE ratio of -7.17 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.The business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. During the same period last year, the business earned ($0.50) earnings per share. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

About Cleveland-Cliffs

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.

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