Cleveland-Cliffs Inc. (NYSE:CLF) Shares Sold by Entropy Technologies LP

Entropy Technologies LP decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 86.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Crumly & Associates Inc. lifted its holdings in Cleveland-Cliffs by 10.3% in the 3rd quarter. Crumly & Associates Inc. now owns 78,504 shares of the mining company’s stock valued at $1,002,000 after acquiring an additional 7,343 shares during the last quarter. Easterly Investment Partners LLC acquired a new stake in Cleveland-Cliffs during the third quarter valued at approximately $2,764,000. Keynote Financial Services LLC boosted its holdings in Cleveland-Cliffs by 29.3% during the third quarter. Keynote Financial Services LLC now owns 23,092 shares of the mining company’s stock worth $295,000 after buying an additional 5,230 shares in the last quarter. Mariner Investment Group LLC bought a new stake in Cleveland-Cliffs during the third quarter worth approximately $182,000. Finally, Van ECK Associates Corp grew its position in Cleveland-Cliffs by 9.0% in the third quarter. Van ECK Associates Corp now owns 313,869 shares of the mining company’s stock worth $4,080,000 after buying an additional 26,020 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CLF. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup decreased their price target on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cleveland-Cliffs currently has an average rating of “Hold” and an average target price of $17.56.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $11.04 on Monday. The company has a market capitalization of $5.45 billion, a PE ratio of -11.38 and a beta of 1.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. The company’s 50 day moving average price is $12.60 and its 200 day moving average price is $14.26. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company’s revenue was down 18.5% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. Research analysts expect that Cleveland-Cliffs Inc. will post -0.37 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.