BlackRock Fund Advisors recently announced the acquisition of new stake in Cleveland-Cliffs Inc. (NYSE:CLF). The institutional investor has increased its shareholding in the Basic Materials company by 3.33% to 47.08 million shares with purchase of 1.52 million shares. This fresh investment now brings its stake to 9.14% valued currently at $611.51 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.43 million to 45.12 million shares. And Fidelity Management & Research Co has lifted its position by 1.40% or 0.31 million shares – to 22.55 million shares.
With over 15.12 million Cleveland-Cliffs Inc. (CLF) shares trading Monday and a closing price of $15.07 on the day, the dollar volume was approximately $227.84 million. The shares have shown a negative half year performance of -34.51% and its price on 11/21/22 gained nearly 5.16%. Currently, there are 516.00M common shares owned by the public and among those 508.28M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for CLF have a consensus price objective of $17.65. The analysts have set the share’s price value over the next 12 months at a high of $26.00 and a low of $12.00. The average price target is 12.28% above its recent price level and a downside to the estimated low will see the stock lose -25.58% over that period. But an upside of 42.04% will see the stock hit the forecast high price target while median target price for the stock is $16.15.
Insiders at the company have transacted a total of 67 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 51 of these insider trades were purchases, accounting for 1,355,117 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 531,051 shares.
The top 3 mutual fund holders in Cleveland-Cliffs Inc. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 15.55 million shares of the company’s stock, all valued at over $201.94 million. The company bought an additional 6044.0 shares recently to bring their total holdings to about 3.02% of the shares outstanding. Vanguard Total Stock Market Index bought 0.13 million shares to see its total holdings expand to 13.96 million shares valued at over $181.31 million and representing 2.71% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.19 million shares to bring its total holdings to over 12.01 million shares at a value of $156.04 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.33% of the shares outstanding.
Shares of Cleveland-Cliffs Inc. (NYSE: CLF) opened at $14.10, down -$0.23 from a prior closing price of $14.33. However, the script later moved the day high at 15.18, up 5.16%. The company’s stock has a 5-day price change of -3.27% and -15.72% over the past three months. CLF shares are trading -30.78% year to date (YTD), with the 12-month market performance down to -31.34% lower. It has a 12-month low price of $11.82 and touched a high of $34.04 over the same period. CLF has an average intraday trading volume of 13.85 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.48%, 3.57%, and -24.81% respectively.
Institutional ownership of Cleveland-Cliffs Inc. (NYSE: CLF) shares accounts for 67.60% of the company’s 516.00M shares outstanding. Mutual fund holders own 35.99%, while other institutional holders and individual stakeholders account for 9.43% and 31.00% respectively.
It has a market capitalization of $7.99B and a beta (3y monthly) value of 2.16. The stock’s trailing 12-month PE ratio is 3.27, while the earnings-per-share (ttm) stands at $4.61. The company has a PEG of 0.12 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.23% over the week and 5.64% over the month.
Analysts forecast that Cleveland-Cliffs Inc. (CLF) will achieve an EPS of -$0.19 for the current quarter, $0.03 for the next quarter and $1.7 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.4 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was $1.69 a year ago. Earnings per share for the fiscal year are expected to decrease by -42.90%, and -53.83% over the next financial year. EPS should shrink at an annualized rate of 27.43% over the next five years, compared to 61.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Cleveland-Cliffs Inc. (CLF) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 4 of the 11 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the CLF, a number of firms have released research notes about the stock. Wolfe Research stated their Underperform rating for the stock in a research note on November 02, 2022, with the firm’s price target at $12. Exane BNP Paribas coverage for the Cleveland-Cliffs Inc. (CLF) stock in a research note released on October 18, 2022 offered a Underperform rating with a price target of $14.30. Wolfe Research was of a view on January 11, 2022 that the stock is Peer Perform, while Wolfe Research gave the stock Outperform rating on November 17, 2021, issuing a price target of $30. Goldman on their part issued Buy rating on October 06, 2021.