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

Slate Path Capital LP increased its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 35.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,208,000 shares of the mining company's stock after buying an additional 4,239,000 shares during the period. Cleveland-Cliffs accounts for about 2.8% of Slate Path Capital LP's investment portfolio, making the stock its 12th biggest position. Slate Path Capital LP owned about 3.28% of Cleveland-Cliffs worth $152,355,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd bought a new stake in shares of Cleveland-Cliffs in the 4th quarter worth about $25,000. Estabrook Capital Management raised its holdings in shares of Cleveland-Cliffs by 207.7% in 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 lifted its stake in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock worth $43,000 after acquiring an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in Cleveland-Cliffs during the 4th quarter valued at $44,000. Finally, AllSquare Wealth Management LLC increased its stake in Cleveland-Cliffs by 24.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 5,100 shares of the mining company's stock worth $48,000 after purchasing an additional 1,000 shares during the period. 67.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cleveland-Cliffs

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on CLF. Morgan Stanley decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. B. Riley restated a "buy" rating and set a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a report on Wednesday. Glj Research lowered their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a report on Thursday, February 27th. Finally, The Goldman Sachs Group cut their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.49.

Cleveland-Cliffs Stock Down 0.1 %

Shares of NYSE:CLF traded down $0.01 during trading on Friday, reaching $7.90. The stock had a trading volume of 13,650,951 shares, compared to its average volume of 14,289,344. The firm's 50-day simple moving average is $8.90 and its 200 day simple moving average is $10.50. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a one year low of $6.17 and a one year high of $18.31. The company has a market capitalization of $3.91 billion, a P/E ratio of -8.14 and a beta of 1.93.

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

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.