In the latest trading session, 3.45 million Cleveland-Cliffs Inc. (NYSE:CLF) shares changed hands as the company’s beta touched 2.23. With the company’s most recent per share price at $14.14 changing hands around $0.25 or 1.76% at last look, the market valuation stands at $7.36B. CLF’s current price is a discount, trading about -61.46% off its 52-week high of $22.83. The share price had its 52-week low at $11.82, which suggests the last value was 16.41% up since then. When we look at Cleveland-Cliffs Inc.’s average trading volume, we note the 10-day average is 9.79 million shares, with the 3-month average coming to 9.37 million.
Analysts gave the Cleveland-Cliffs Inc. (CLF) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.50. If we narrow down to specifics, the data shows that 1 out of 9 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 4 recommended CLF as a Hold, 4 felt it is a Buy and 0 rated the stock as Underweight. Cleveland-Cliffs Inc.’s EPS for the current quarter is expected to be $0.46.
Cleveland-Cliffs Inc. (NYSE:CLF) trade information
Instantly CLF is in green as seen in intraday trades today. With action -0.81%, the performance over the past five days has been red. The jump to weekly highs of 14.76 on Monday, 09/18/23 added 1.76% to the stock’s daily price. The company’s shares are showing year-to-date downside of -12.26%, with the 5-day performance at -0.81% in the red. However, in the 30-day time frame, Cleveland-Cliffs Inc. (NYSE:CLF) is -5.51% down. Looking at the short shares, we see there were 39.73 million shares sold at short interest cover period of 3.46 days.
The consensus price target for the stock as assigned by Wall Street analysts is $18.25, meaning bulls need an upside of 22.52% from its recent market value. According to analyst projections, CLF’s forecast low is $13.44 with $26.00 as the target high. To hit the forecast high, the stock’s price needs a -83.88% plunge from its current level, while the stock would need to tank 4.95% for it to hit the projected low.
Cleveland-Cliffs Inc. (CLF) estimates and forecasts
Data shows that the Cleveland-Cliffs Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -20.95% over the past 6 months, a -54.10% in annual growth rate that is considerably lower than the industry average of 8.20%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Cleveland-Cliffs Inc. will rise 58.60%, while the growth in revenue is estimated to hit 202.40% for the next quarter. Year-over-year growth is forecast to reach -4.40% down from the last financial year.
Consensus estimates given by 4 financial analysts project the company’s revenue in the current quarter to hit an average of $5.6 billion. 4 analysts are of the opinion that Cleveland-Cliffs Inc.’s revenue for the quarter ending Dec 2023 will be $5.27 billion. The company’s revenue for the corresponding quarters a year ago was $5.65 billion and $5.04 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -0.90%. The estimates for the next quarter sales put growth at 4.40%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 15.40%. The 2023 estimates are for Cleveland-Cliffs Inc. earnings to decrease by -52.50%.
Cleveland-Cliffs Inc. is expected to release its next quarterly earnings report between October 23 and October 27.
Cleveland-Cliffs Inc. (NYSE:CLF)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 1.59% of Cleveland-Cliffs Inc. shares while 65.31% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 66.37%. There are 65.31% institutions holding the Cleveland-Cliffs Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 9.99% of the shares, roughly 50.82 million CLF shares worth $851.78 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 9.88% or 50.25 million shares worth $842.19 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Aug 30, 2023 were iShares Core S&P Midcap ETF and Vanguard Total Stock Market Index Fund. With 16.61 million shares estimated at $253.92 million under it, the former controlled 3.26% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 3.16% of the shares, roughly 16.09 million shares worth around $269.59 million.