AQR Capital Management LLC Has $8.61 Million 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 first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,068,426 shares of the mining company's stock after selling 335,010 shares during the period. AQR Capital Management LLC owned 0.22% of Cleveland-Cliffs worth $8,612,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Cleveland-Cliffs during the first quarter worth approximately $36,000. Fifth Third Bancorp lifted its holdings in Cleveland-Cliffs by 36.6% in the first quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares during the period. Byrne Asset Management LLC lifted its holdings in Cleveland-Cliffs by 38.1% in the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock valued at $52,000 after buying an additional 1,753 shares during the period. UMB Bank n.a. lifted its holdings in Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after buying an additional 5,579 shares during the period. Finally, AlphaQuest LLC increased its stake in Cleveland-Cliffs by 408,600.0% in the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock valued at $67,000 after purchasing an additional 8,172 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

CLF stock traded down $0.40 during trading hours on Wednesday, reaching $11.32. The stock had a trading volume of 21,334,652 shares, compared to its average volume of 16,570,558. The stock has a 50-day simple moving average of $10.49 and a 200 day simple moving average of $8.84. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61. The stock has a market capitalization of $5.60 billion, a PE ratio of -3.32 and a beta of 1.93. Cleveland-Cliffs Inc. has a fifty-two week low of $5.63 and a fifty-two week high of $14.34.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Citigroup upped their target price on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Glj Research cut shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. KeyCorp upgraded shares of Cleveland-Cliffs from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Tuesday, July 22nd. Wells Fargo & Company increased their price target on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Bank of America increased their price target on shares of Cleveland-Cliffs from $9.50 to $12.50 and gave the company a "neutral" rating in a research note on Monday. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.24.

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.