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

Hsbc Holdings PLC grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 419.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 292,822 shares of the mining company's stock after buying an additional 236,481 shares during the quarter. Hsbc Holdings PLC owned 0.06% of Cleveland-Cliffs worth $2,769,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Pinpoint Asset Management Ltd purchased a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $25,000. Estabrook Capital Management grew its stake in Cleveland-Cliffs by 207.7% during the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock worth $38,000 after buying an additional 2,700 shares during the period. Byrne Asset Management LLC grew its stake in Cleveland-Cliffs by 130.0% during the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after buying an additional 2,600 shares during the period. Stonebridge Financial Group LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter worth approximately $44,000. Finally, AllSquare Wealth Management LLC grew its stake in Cleveland-Cliffs by 24.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after buying an additional 1,000 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CLF has been the subject of several research reports. B. Riley reiterated a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday, April 23rd. Glj Research decreased their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group decreased their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Finally, Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Moderate Buy" and an average target price of $15.49.

Insider Buying and Selling

In other Cleveland-Cliffs news, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at $258,952.32. This represents a 68.86 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Keith Koci acquired 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the transaction, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $243,095 over the last ninety days. 1.76% of the stock is owned by insiders.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $8.24 on Thursday. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of -8.49 and a beta of 1.93. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $18.10. The company's 50-day simple moving average is $8.69 and its 200-day simple moving average is $10.40. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Equities analysts anticipate 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.

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