Slate Path Capital LP Trims Stock Holdings in Cleveland-Cliffs Inc. $CLF

Slate Path Capital LP lessened its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 28.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,716,445 shares of the mining company’s stock after selling 6,248,555 shares during the quarter. Cleveland-Cliffs accounts for 2.1% of Slate Path Capital LP’s portfolio, making the stock its 24th largest position. Slate Path Capital LP owned 3.18% of Cleveland-Cliffs worth $119,445,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Atwood & Palmer Inc. purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $27,000. Trust Co. of Toledo NA OH acquired a new stake in Cleveland-Cliffs in the second quarter valued at $27,000. Winch Advisory Services LLC raised its holdings in Cleveland-Cliffs by 131.3% in the second quarter. Winch Advisory Services LLC now owns 4,070 shares of the mining company’s stock valued at $31,000 after acquiring an additional 2,310 shares in the last quarter. Islay Capital Management LLC bought a new position in Cleveland-Cliffs during the 2nd quarter valued at $38,000. Finally, MTM Investment Management LLC acquired a new position in Cleveland-Cliffs during the 2nd quarter worth $40,000. 67.68% of the stock is owned by institutional investors and hedge funds.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF opened at $12.68 on Thursday. The company has a market cap of $6.27 billion, a PE ratio of -3.73 and a beta of 1.97. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $16.70. The firm has a 50-day simple moving average of $12.44 and a 200 day simple moving average of $10.58. The company has a quick ratio of 0.61, a current ratio of 2.04 and a debt-to-equity ratio of 1.41.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, October 20th. The mining company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.90 billion. Cleveland-Cliffs had a negative return on equity of 20.02% and a negative net margin of 9.00%.Cleveland-Cliffs’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.33) earnings per share. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CLF shares. Weiss Ratings restated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Thursday, October 30th. Glj Research reissued a “sell” rating and issued a $5.75 price objective on shares of Cleveland-Cliffs in a report on Tuesday, October 21st. Citigroup cut their price objective on Cleveland-Cliffs from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. KeyCorp reduced their target price on Cleveland-Cliffs from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Finally, Wells Fargo & Company upgraded Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $11.00 to $12.00 in a research report on Friday, November 14th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.78.

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.