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

Entropy Technologies LP cut its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 86.8% in the 3rd quarter, according to its most recent disclosure with the 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 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CLF. Altshuler Shaham Ltd purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter worth $26,000. Hobbs Group Advisors LLC purchased a new position in Cleveland-Cliffs during the second quarter valued at $31,000. Gradient Investments LLC grew its holdings in Cleveland-Cliffs by 138.8% during the second quarter. Gradient Investments LLC now owns 2,149 shares of the mining company's stock valued at $33,000 after purchasing an additional 1,249 shares during the period. EverSource Wealth Advisors LLC increased its position in 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 in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Cleveland-Cliffs in the first quarter worth about $45,000. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 1.7 %

Shares of Cleveland-Cliffs stock traded up $0.19 during trading on Monday, hitting $11.23. The stock had a trading volume of 11,871,887 shares, compared to its average volume of 10,307,879. 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. The stock has a market cap of $5.54 billion, a PE ratio of -11.57 and a beta of 1.97. The firm's fifty day simple moving average is $12.60 and its 200-day simple moving average is $14.21.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its 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 firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company's revenue for the quarter was down 18.5% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share. As a group, sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CLF. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an "equal weight" rating on the stock in a research note on Wednesday, September 18th. Seaport Res Ptn raised Cleveland-Cliffs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 27th. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 10th. Finally, StockNews.com lowered Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $17.56.

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.