Cleveland-Cliffs Inc. $CLF Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC trimmed its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 23.9% during the first quarter, according to the company in its most recent Form 13F filing 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 about 0.22% of Cleveland-Cliffs worth $8,612,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CLF. Louisiana State Employees Retirement System increased its position in shares of Cleveland-Cliffs by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the mining company’s stock worth $1,115,000 after acquiring an additional 1,200 shares in the last quarter. Pinnacle Holdings LLC boosted its position in Cleveland-Cliffs by 1.3% during the 1st quarter. Pinnacle Holdings LLC now owns 105,791 shares of the mining company’s stock worth $870,000 after purchasing an additional 1,371 shares during the period. State of Alaska Department of Revenue boosted its position in Cleveland-Cliffs by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 56,665 shares of the mining company’s stock worth $465,000 after purchasing an additional 1,475 shares during the period. Hunter Associates Investment Management LLC increased its holdings in Cleveland-Cliffs by 3.1% in the 1st quarter. Hunter Associates Investment Management LLC now owns 49,400 shares of the mining company’s stock valued at $406,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Capital Investment Advisory Services LLC raised its position in Cleveland-Cliffs by 7.1% in the first quarter. Capital Investment Advisory Services LLC now owns 24,125 shares of the mining company’s stock valued at $198,000 after purchasing an additional 1,600 shares during the period. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

Cleveland-Cliffs Trading Up 4.0%

Shares of CLF opened at $11.82 on Friday. Cleveland-Cliffs Inc. has a one year low of $5.63 and a one year high of $14.34. The stock has a 50-day moving average price of $10.26 and a 200 day moving average price of $8.81. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.61 and a current ratio of 2.04. The company has a market capitalization of $5.85 billion, a P/E ratio of -3.47 and a beta of 1.93.

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wells Fargo & Company upgraded Cleveland-Cliffs to a “hold” rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. raised their target price on Cleveland-Cliffs from $7.50 to $10.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Glj Research lowered Cleveland-Cliffs from a “strong-buy” rating to a “strong sell” rating and set a $3.91 price target on the stock. in a research report on Wednesday, May 28th. KeyCorp upgraded Cleveland-Cliffs from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a report on Tuesday, July 22nd. Finally, Citigroup increased their price objective on shares of Cleveland-Cliffs from $7.50 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.96.

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.