AQR Capital Management LLC Trims Stock Holdings in Cleveland-Cliffs Inc. $CLF

Key Points

• AQR Capital Management LLC reduced its stake in Cleveland-Cliffs Inc. by 23.9%, owning approximately 1,068,426 shares worth $8.6 million after selling 335,010 shares in the first quarter.
• Cleveland-Cliffs reported a quarterly revenue of $4.93 billion, beating analyst expectations, and had a loss of ($0.50) EPS for the recent quarter.
• Research analysts have varied opinions on the stock, with target prices ranging from $3.91 to $14.00, resulting in a consensus rating of "Hold".

AQR Capital Management LLC cut its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 23.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,068,426 shares of the mining company's stock after selling 335,010 shares during the quarter. AQR Capital Management LLC owned about 0.22% of Cleveland-Cliffs worth $8,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CLF. Captrust Financial Advisors grew its stake in Cleveland-Cliffs by 20.1% in the 4th quarter. Captrust Financial Advisors now owns 11,988 shares of the mining company's stock worth $113,000 after buying an additional 2,010 shares in the last quarter. Cresset Asset Management LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth approximately $95,000. Jefferies Financial Group Inc. raised its stake in shares of Cleveland-Cliffs by 1,151.4% during the fourth quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company's stock worth $1,410,000 after acquiring an additional 138,047 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Cleveland-Cliffs by 4.9% during the fourth quarter. Janus Henderson Group PLC now owns 217,200 shares of the mining company's stock worth $2,043,000 after acquiring an additional 10,200 shares in the last quarter. Finally, Nomura Holdings Inc. raised its stake in shares of Cleveland-Cliffs by 42.0% during the fourth quarter. Nomura Holdings Inc. now owns 106,375 shares of the mining company's stock worth $1,000,000 after acquiring an additional 31,475 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CLF shares. Wells Fargo & Company boosted their target price on Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday. Glj Research cut Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price on the stock. in a research note on Wednesday, May 28th. Morgan Stanley raised their target price on Cleveland-Cliffs from $8.00 to $10.50 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Citigroup upped their price target on Cleveland-Cliffs from $7.50 to $11.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Bank of America boosted their price objective on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.24.

Cleveland-Cliffs Price Performance

Shares of CLF traded up $0.22 during mid-day trading on Monday, hitting $11.90. 22,841,704 shares of the stock were exchanged, compared to its average volume of 24,434,680. The company has a market cap of $5.89 billion, a PE ratio of -3.49 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $14.34. The firm has a 50-day moving average of $10.31 and a two-hundred day moving average of $8.79. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04.

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

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.