Trexquant Investment 13F: Adds $12M to CLF Stake

Trexquant Investment Expands Position in Cleveland-Cliffs Inc.

Trexquant Investment, a quantitative investment manager known for using mathematical models and algorithms to guide its portfolio decisions, significantly increased its exposure to the steel sector. According to its Form 13F filing with the Securities and Exchange Commission for the period ended May 15, 2026, the fund lifted its stake in Cleveland-Cliffs Inc. (NYSE: CLF) by boosting its holdings sharply. Quantitative funds often adjust positions rapidly based on systematic signals, making large percentage additions a common feature of their trading style.

Stake Growth and Total Value

During the period, Trexquant added 1,022,884 shares to its portfolio, translating to a 193.9% increase over its prior count of 527,463 shares. The fund closed the reporting period with 1,550,347 shares of the steel producer. Based on market prices, the expanded stake carried an estimated value of roughly $18.8 million, with an average cost basis of $10.47 per share.

Stock Context and Trading Range

Shares of Cleveland-Cliffs traded near $12.13 recently. The equity has moved between a 52-week low of $7.73 and a 52-week high of $16.70. With a forward price-to-earnings ratio of 12.79, the valuation reflects the current earnings expectations for the steel manufacturer.

Wall Street Analyst Adjustments

Wall Street research firms have adjusted their stances on the company through the late summer and fall. On October 9, 2026, JP Morgan maintained a Neutral rating while moving its price target to $12.00 from $13.00. Earlier, on October 6, 2026, Wells Fargo upgraded the stock to Overweight, setting a $14.00 price target. GLJ Research also reiterated a Buy rating with a $15.60 target on September 18, 2026, followed by a maintained Buy and a $17.48 target on September 21, 2026. Overall, the stock carries a consensus hold rating from ten analysts.

Inside Cleveland-Cliffs Operations

Cleveland-Cliffs Inc. operates as a major steel producer in North America, supplying hot-rolled, cold-rolled, and coated carbon steel products, along with stainless and electrical steels. Headquartered in Cleveland, Ohio, and led by CEO C. Lourenco Goncalves, the company also handles iron ore mining, pellet production, and ferrous scrap processing to serve the automotive and infrastructure sectors.

What to Watch at Cleveland-Cliffs Inc.

Because 13F filings look backward at portfolio choices made at the close of a previous quarter, institutional positions may have changed since this report was compiled. Investors will monitor upcoming corporate disclosures, including the next scheduled earnings release on October 19, 2026, for further insights into the steel producer's financial performance.