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

HBK Investments L P trimmed its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 34.8% during the second quarter, HoldingsChannel reports. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Tidal Investments LLC increased its stake in Cleveland-Cliffs by 79.2% in the second quarter. Tidal Investments LLC now owns 80,324 shares of the mining company’s stock valued at $754,000 after acquiring an additional 35,506 shares during the last quarter. BlueCrest Capital Management Ltd bought a new stake in Cleveland-Cliffs during the second quarter worth $1,969,000. Engineers Gate Manager LP boosted its holdings in shares of Cleveland-Cliffs by 212.9% in the 2nd quarter. Engineers Gate Manager LP now owns 1,407,953 shares of the mining company’s stock valued at $13,221,000 after purchasing an additional 958,049 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Cleveland-Cliffs by 39.5% in the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after purchasing an additional 1,453 shares in the last quarter. Finally, Baird Financial Group Inc. increased its stake in shares of Cleveland-Cliffs by 4.2% in the 2nd quarter. Baird Financial Group Inc. now owns 37,026 shares of the mining company’s stock valued at $348,000 after purchasing an additional 1,496 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CLF has been the subject of several recent analyst reports. Glj Research upgraded Cleveland-Cliffs from a “hold” rating to a “buy” rating and upped their price objective for the stock from $15.01 to $15.60 in a research report on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Wells Fargo & Company boosted their target price on Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, August 24th. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 target price (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, Barclays raised their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, July 24th. Two 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.06.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.37 during trading hours on Wednesday, reaching $12.16. The stock had a trading volume of 14,273,487 shares, compared to its average volume of 18,665,461. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The stock has a market capitalization of $6.94 billion, a PE ratio of -7.50 and a beta of 2.10. 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 company’s 50-day moving average is $11.35 and its two-hundred day moving average is $10.77.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.15 billion. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%.Cleveland-Cliffs’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.50) EPS. Research analysts expect that Cleveland-Cliffs Inc. will post -0.11 EPS for the current year.

Cleveland-Cliffs 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.