Entropy Technologies LP Reduces Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Entropy Technologies LP reduced its position in Cleveland-Cliffs Inc. (NYSE:CLF) by 86.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,300 shares of the mining company’s stock after selling 106,788 shares during the period. Entropy Technologies LP’s holdings in Cleveland-Cliffs were worth $208,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CLF. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs in the second quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the 2nd quarter valued at approximately $31,000. Gradient Investments LLC grew its position in shares of Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock worth $33,000 after buying an additional 1,249 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Cleveland-Cliffs by 247.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in Cleveland-Cliffs in the first quarter valued at $45,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Citigroup cut their price objective on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, Morgan Stanley reduced their target price on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.56.

Cleveland-Cliffs Price Performance

Shares of CLF opened at $11.04 on Monday. The stock has a fifty day moving average price of $12.60 and a 200 day moving average price of $14.26. The company has a market cap of $5.45 billion, a P/E ratio of -11.38 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s quarterly revenue was down 18.5% on a year-over-year basis. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.37 earnings per share for the current 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.