Cleveland-Cliffs Inc. (NYSE:CLF) Shares Acquired by Slate Path Capital LP

Slate Path Capital LP increased its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 35.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,208,000 shares of the mining company's stock after purchasing an additional 4,239,000 shares during the period. Cleveland-Cliffs accounts for about 2.8% of Slate Path Capital LP's holdings, making the stock its 12th biggest holding. Slate Path Capital LP owned approximately 3.28% of Cleveland-Cliffs worth $152,355,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Hsbc Holdings PLC boosted its position in shares of Cleveland-Cliffs by 419.7% in the fourth quarter. Hsbc Holdings PLC now owns 292,822 shares of the mining company's stock worth $2,769,000 after buying an additional 236,481 shares during the period. Stifel Financial Corp lifted its position in Cleveland-Cliffs by 33.4% during the 4th quarter. Stifel Financial Corp now owns 130,107 shares of the mining company's stock worth $1,223,000 after acquiring an additional 32,576 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new position in Cleveland-Cliffs in the 4th quarter worth approximately $74,000. Tower Research Capital LLC TRC grew its position in Cleveland-Cliffs by 19.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 107,823 shares of the mining company's stock valued at $1,014,000 after acquiring an additional 17,917 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Cleveland-Cliffs by 12.5% during the fourth quarter. MetLife Investment Management LLC now owns 279,778 shares of the mining company's stock valued at $2,630,000 after purchasing an additional 31,141 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CLF shares. 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. B. Riley restated a "buy" rating and set a $17.00 target price (down from $20.00) on shares of Cleveland-Cliffs in a research note on Wednesday. The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Finally, Morgan Stanley lowered their price objective on 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $15.49.

Cleveland-Cliffs Stock Performance

NYSE:CLF traded down $0.01 during trading hours on Friday, reaching $7.90. 13,650,951 shares of the stock were exchanged, compared to its average volume of 14,309,473. The stock has a market capitalization of $3.91 billion, a P/E ratio of -8.14 and a beta of 1.93. The firm has a 50 day simple moving average of $8.90 and a 200-day simple moving average of $10.47. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 52 week low of $6.17 and a 52 week high of $18.20.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. As a group, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at Cleveland-Cliffs

In related news, Director John T. Baldwin bought 4,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the completion of the purchase, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. The trade was a 3.10 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of the company's stock in a transaction dated Friday, February 28th. The shares were bought at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 23,500 shares of company stock valued at $243,095 in the last quarter. Insiders own 1.76% of the company's stock.

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.