Entropy Technologies LP Sells 50,579 Shares of Cleveland-Cliffs Inc. (NYSE:CLF)

Key Points

• Entropy Technologies LP has reduced its holdings in Cleveland-Cliffs Inc. by **29.4%**, selling 50,579 shares, resulting in total ownership of 121,414 shares valued at approximately **$998,000**.
• Several large investors have increased their stakes in Cleveland-Cliffs, including Fairfax Financial Holdings, which acquired a new stake worth **$55.45 million** and Slate Path Capital LP, which grew its holdings by **35.4%**.
• Despite reporting a **negative EPS of -$0.50**, Cleveland-Cliffs beat analysts' expectations and experienced a **7.5% year-over-year revenue increase**, earning **$4.93 billion** during the quarter.

Entropy Technologies LP lowered its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 29.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 121,414 shares of the mining company's stock after selling 50,579 shares during the period. Entropy Technologies LP's holdings in Cleveland-Cliffs were worth $998,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Fairfax Financial Holdings Ltd. Can bought a new stake in Cleveland-Cliffs during the fourth quarter valued at about $55,453,000. Slate Path Capital LP grew its holdings in Cleveland-Cliffs by 35.4% during the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company's stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the period. Allianz Asset Management GmbH grew its holdings in Cleveland-Cliffs by 168.8% during the first quarter. Allianz Asset Management GmbH now owns 3,555,383 shares of the mining company's stock valued at $29,225,000 after purchasing an additional 2,232,799 shares during the period. Deutsche Bank AG grew its holdings in Cleveland-Cliffs by 69.5% during the fourth quarter. Deutsche Bank AG now owns 3,552,516 shares of the mining company's stock valued at $33,394,000 after purchasing an additional 1,456,236 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cleveland-Cliffs by 231.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,561,774 shares of the mining company's stock valued at $12,838,000 after purchasing an additional 1,090,237 shares during the period. Institutional investors own 67.68% of the company's stock.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP James D. Graham sold 120,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $6.85, for a total transaction of $822,000.00. Following the sale, the executive vice president directly owned 492,249 shares in the company, valued at $3,371,905.65. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.76% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $9.73 on Tuesday. The stock has a 50 day moving average of $8.81 and a 200 day moving average of $8.82. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $14.34. The firm has a market cap of $4.81 billion, a PE ratio of -2.85 and a beta of 1.99. The company has a current ratio of 2.04, a quick ratio of 0.61 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The mining company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the company earned $0.11 earnings per share. The firm's revenue was up 7.5% on a year-over-year basis. On average, research analysts expect that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CLF shares. Morgan Stanley boosted their price target on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Citigroup boosted their price objective on Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. The Goldman Sachs Group lowered their price objective on Cleveland-Cliffs from $13.00 to $11.25 and set a "buy" rating on the stock in a research report on Monday, May 12th. KeyCorp upgraded Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Tuesday, July 22nd. Finally, B. Riley restated a "buy" rating and issued a $17.00 price objective (down from $20.00) on shares of Cleveland-Cliffs in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $11.09.

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.

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