Hsbc Holdings PLC Sells 255,025 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Hsbc Holdings PLC has significantly reduced its stake in Cleveland-Cliffs Inc. by 87.1%, retaining only 37,797 shares after selling over 255,000 shares in the first quarter.
• Several hedge funds have either increased their holdings or initiated new investments in Cleveland-Cliffs during the same quarter, indicating ongoing interest from institutional investors.
• Wall Street analysts have varied opinions on Cleveland-Cliffs, with target price adjustments ranging from Morgan Stanley's raise to $10.50 to Goldman Sachs' cut to $11.25, reflecting differing outlooks on the company's performance.

Hsbc Holdings PLC cut its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 87.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,797 shares of the mining company's stock after selling 255,025 shares during the period. Hsbc Holdings PLC's holdings in Cleveland-Cliffs were worth $310,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its stake in Cleveland-Cliffs by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company's stock valued at $1,115,000 after buying an additional 1,200 shares during the last quarter. Pinnacle Holdings LLC increased its position in shares of Cleveland-Cliffs by 1.3% during the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company's stock valued at $870,000 after purchasing an additional 1,371 shares during the last quarter. Ancora Advisors LLC increased its position in shares of Cleveland-Cliffs by 5.4% during the 4th quarter. Ancora Advisors LLC now owns 28,357 shares of the mining company's stock valued at $267,000 after purchasing an additional 1,450 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Cleveland-Cliffs by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company's stock valued at $465,000 after purchasing an additional 1,475 shares during the last quarter. Finally, Hunter Associates Investment Management LLC increased its position in shares of Cleveland-Cliffs by 3.1% during the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company's stock valued at $406,000 after purchasing an additional 1,500 shares during the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Cleveland-Cliffs stock traded up $0.88 during midday trading on Friday, hitting $11.40. The stock had a trading volume of 22,954,615 shares, compared to its average volume of 15,368,923. The firm's fifty day moving average is $10.02 and its two-hundred day moving average is $8.80. The company has a market capitalization of $5.64 billion, a PE ratio of -3.34 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CLF shares. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 price target for the company. in a research report on Wednesday, May 28th. JPMorgan Chase & Co. upped their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. KeyCorp raised shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research report on Tuesday, July 22nd. The Goldman Sachs Group reduced their price target on shares of Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $10.96.

Cleveland-Cliffs Profile

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.