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Should Cleveland-Cliffs Inc. (NYSE: CLF) Revive After A -71.37% Drop From Highs?

During the recent session, Cleveland-Cliffs Inc. (NYSE:CLF)’s traded shares were 1.49 million, with the beta value of the company hitting 2.20. At the last check today, the stock’s price was $14.39, reflecting an intraday gain of 0.70% or $0.1. The 52-week high for the CLF share is $24.66, that puts it down -71.37 from that peak though still a striking 17.86% gain since the share price plummeted to a 52-week low of $11.82. The company’s market capitalization is $7.58B, and the average intraday trading volume over the past 10 days was 8.75 million shares, and the average trade volume was 9.88 million shares over the past three months.

Cleveland-Cliffs Inc. (CLF) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.20. CLF has a Sell rating from 0 analyst(s) out of 13 analysts who have looked at this stock. 7 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 6 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.76.

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Cleveland-Cliffs Inc. (NYSE:CLF) trade information

Cleveland-Cliffs Inc. (CLF) registered a 0.70% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 0.70% in intraday trading to $14.39 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -3.62%, and it has moved by -5.14% in 30 days. Based on these gigs, the overall price performance for the year is -36.55%. The short interest in Cleveland-Cliffs Inc. (NYSE:CLF) is 32.34 million shares and it means that shorts have 3.17 day(s) to cover.

The consensus price target of analysts on Wall Street is $20.81, which implies an increase of 30.85% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $17.00 and $27.00 respectively. As a result, CLF is trading at a discount of -87.63% off the target high and -18.14% off the low.

Cleveland-Cliffs Inc. (CLF) estimates and forecasts

Statistics show that Cleveland-Cliffs Inc. has underperformed its competitors in share price, compared to the industry in which it operates. Cleveland-Cliffs Inc. (CLF) shares have gone down -9.50% during the last six months, with a year-to-date growth rate less than the industry average at -32.79% against 10.10. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -32.70% this quarter and then jump 186.20% in the quarter after that. In the rating firms’ projections, revenue will decrease -5.70% compared to the previous financial year.

Revenue for the current quarter is expected to be $5.81 billion as predicted by 7 analyst(s). Meanwhile, a consensus of 7 analyst(s) estimates revenue growth to $5.71 billion by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $6.34 billion and $5.65 billion respectively. In this case, analysts expect current quarter sales to shrink by -8.30% and then jump by 1.10% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 15.40%. While earnings are projected to return -52.50% in 2023.

CLF Dividends

Cleveland-Cliffs Inc. is due to release its next quarterly earnings between July 20 and July 24. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Cleveland-Cliffs Inc. (NYSE:CLF)’s Major holders

Cleveland-Cliffs Inc. insiders own 1.55% of total outstanding shares while institutional holders control 67.70%, with the float percentage being 68.77%. Blackrock Inc. is the largest shareholder of the company, while 803 institutions own stock in it. As of Mar 30, 2023, the company held over 56.45 million shares (or 10.96% of all shares), a total value of $1.03 billion in shares.

The next largest institutional holding, with 51.25 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 9.95% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $939.4 million.

Also, the Mutual Funds coming in first place with the largest holdings of Cleveland-Cliffs Inc. (CLF) shares are iShares Core S&P Midcap ETF and Vanguard Total Stock Market Index Fund. Data provided on Feb 27, 2023 indicates that iShares Core S&P Midcap ETF owns about 16.05 million shares. This amounts to just over 3.12 percent of the company’s overall shares, with a $342.29 million market value. The same data shows that the other fund manager holds slightly less at 15.67 million, or about 3.04% of the stock, which is worth about $252.4 million.

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