HBK Investments L P Has $2.25 Million Position in Cleveland-Cliffs Inc. $CLF

Key Points

• HBK Investments reduced its Cleveland-Cliffs stake by 34.8% in the second quarter, selling 128,000 shares and retaining 240,000 shares valued at approximately $2.25 million. Institutional investors collectively own 67.68% of the company.
• Analysts maintain a broadly cautious outlook, with a consensus rating of “Hold” and an average price target of $12.06. Recent targets range from $12.00 to $13.00, while ratings include two Buys, seven Holds, and two Sells.
• Cleveland-Cliffs shares recently traded at $12.16, up from their 50-day and 200-day moving averages. In its latest quarter, the company reported revenue of $5.23 billion and a loss of $0.20 per share, slightly outperforming analyst expectations.

HBK Investments L P lessened its holdings in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 34.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 240,000 shares of the mining company's stock after selling 128,000 shares during the period. HBK Investments L P's holdings in Cleveland-Cliffs were worth $2,254,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. IFP Advisors Inc lifted its stake in shares of Cleveland-Cliffs by 117.5% during the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company's stock worth $29,000 after buying an additional 1,200 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in Cleveland-Cliffs in the 2nd quarter valued at about $30,000. Eurizon Capital SGR S.p.A. bought a new position in Cleveland-Cliffs in the 4th quarter valued at about $44,000. Center for Financial Planning Inc. raised its holdings in Cleveland-Cliffs by 119.0% in the 1st quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company's stock valued at $28,000 after acquiring an additional 1,805 shares during the period. Finally, Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna acquired a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $59,000. Institutional investors and hedge funds own 67.68% of the company's stock.

Analyst Upgrades and Downgrades

CLF has been the subject of a number of research analyst reports. Morgan Stanley restated an "equal weight" rating and set a $12.50 price objective (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Citigroup reiterated a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Wells Fargo & Company lifted 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. UBS Group set a $13.00 price target on Cleveland-Cliffs in a research note on Monday, September 7th. Finally, JPMorgan Chase & Co. increased their price objective on Cleveland-Cliffs from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 9th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cleveland-Cliffs has a consensus rating of "Hold" and a consensus price target of $12.06.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF traded up $0.37 during midday trading on Wednesday, reaching $12.16. The company's stock had a trading volume of 14,273,487 shares, compared to its average volume of 18,665,461. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 1.89. Cleveland-Cliffs Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $16.70. The business's 50 day moving average price is $11.35 and its two-hundred day moving average price is $10.77. The company has a market cap of $6.94 billion, a P/E ratio of -7.50 and a beta of 2.10.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share (EPS) 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 quarter in the prior year, the business posted ($0.50) earnings per share. The firm's quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts forecast that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a vertically integrated steel producer headquartered in Cleveland, Ohio. The company mines and processes iron ore, produces iron ore pellets, and manufactures steel products for customers primarily in North America. Its operations include integrated steel mills, electric arc furnaces, finishing facilities, and related processing and distribution capabilities.

The company produces a broad range of flat-rolled carbon steel products, including hot-rolled, cold-rolled, and coated steel.

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