AQR Capital Management LLC Trims Stock Position in Cleveland-Cliffs Inc. (NYSE:CLF)

AQR Capital Management LLC reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 2.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,403,436 shares of the mining company's stock after selling 30,670 shares during the quarter. AQR Capital Management LLC owned about 0.28% of Cleveland-Cliffs worth $13,192,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pinpoint Asset Management Ltd acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $25,000. Estabrook Capital Management increased its holdings in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company's stock valued at $38,000 after acquiring an additional 2,700 shares during the period. Byrne Asset Management LLC raised its position in Cleveland-Cliffs by 130.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company's stock valued at $43,000 after purchasing an additional 2,600 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in Cleveland-Cliffs during the 4th quarter worth $44,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Cleveland-Cliffs during the 3rd quarter worth $64,000. 67.68% of the stock is owned by hedge funds and other institutional investors.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $8.67 on Tuesday. The company has a market capitalization of $4.29 billion, a PE ratio of -8.94 and a beta of 2.03. Cleveland-Cliffs Inc. has a 52-week low of $6.17 and a 52-week high of $18.10. The company has a 50-day simple moving average of $8.56 and a 200-day simple moving average of $10.27. 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 (NYSE:CLF - Get Free Report) last announced its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.46 billion. Equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CLF. Glj Research decreased their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group decreased their price objective on Cleveland-Cliffs from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Morgan Stanley dropped their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. Finally, B. Riley reiterated 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $15.49.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director John T. Baldwin bought 4,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now owns 133,227 shares of the company's stock, valued at $1,159,074.90. The trade was a 3.10 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jane M. Cronin purchased 10,000 shares of Cleveland-Cliffs stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the acquisition, the director now directly owns 24,522 shares of the company's stock, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 23,500 shares of company stock valued at $243,095. Insiders own 1.71% of the company's stock.

Cleveland-Cliffs Company 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.

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