Entropy Technologies LP Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Entropy Technologies LP grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 955.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 171,993 shares of the mining company’s stock after purchasing an additional 155,693 shares during the period. Entropy Technologies LP’s holdings in Cleveland-Cliffs were worth $1,617,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CLF. Strengthening Families & Communities LLC lifted its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in shares of Cleveland-Cliffs during the 3rd quarter worth $34,000. Byrne Asset Management LLC grew its position in Cleveland-Cliffs by 130.0% in the fourth quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after acquiring an additional 2,539 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CLF shares. Glj Research upgraded Cleveland-Cliffs from a “sell” rating to a “buy” rating and set a $14.27 price objective for the company in a report on Tuesday, January 7th. The Goldman Sachs Group began coverage on Cleveland-Cliffs in a research note on Monday, December 2nd. They issued a “buy” rating and a $16.00 target price for the company. Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Citigroup decreased their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cleveland-Cliffs currently has a consensus rating of “Hold” and an average target price of $16.68.

Cleveland-Cliffs Price Performance

Shares of Cleveland-Cliffs stock opened at $10.05 on Monday. The firm has a market cap of $4.96 billion, a PE ratio of -10.36 and a beta of 1.96. The company’s fifty day simple moving average is $10.30 and its two-hundred day simple moving average is $11.92. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97.

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.