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Cleveland-Cliffs Inc (CLF) Will Continue To Grow In 2024.

In the latest trading session, 2.67 million Cleveland-Cliffs Inc (NYSE:CLF) shares changed hands as the company’s beta touched 2.01. With the company’s most recent per share price at $19.08 changed hands at -$0.49 or -2.48% at last look, the market valuation stands at $9.64B. CLF’s current price is a discount, trading about -19.65% off its 52-week high of $22.83. The share price had its 52-week low at $13.61, which suggests the last value was 28.67% up since then. When we look at Cleveland-Cliffs Inc’s average trading volume, we note the 10-day average is 12.17 million shares, with the 3-month average coming to 1.42.

Cleveland-Cliffs Inc (NYSE:CLF) trade information

Instantly CLF was in red as seen in intraday trades today. With action -3.37%, the performance over the past five days has been red. The drop to weekly highs of 20.02 subtracted -2.48% to the stock’s daily price. The company’s shares are showing year-to-date downside of -6.54%, with the 5-day performance at -3.37% in the red. However, in the 30-day time frame, Cleveland-Cliffs Inc (NYSE:CLF) is 3.05% up. Looking at the short shares, we see there were 24.21 million shares sold at short interest cover period of 2.67 days.

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Cleveland-Cliffs Inc (CLF) estimates and forecasts

Data shows that the Cleveland-Cliffs Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 19.43% over the past 6 months, a 96.26% in annual growth rate that is considerably higher than the industry average of 11.30%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -26.78%. The 2024 estimates are for Cleveland-Cliffs Inc earnings to increase by 60.60%.

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

If we look at who the major shareholders are, we find that insiders hold 1.66% of Cleveland-Cliffs Inc shares while 68.80% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 69.96%. There are 68.80% 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 Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Core S&P Midcap ETF. With 16.09 million shares estimated at $269.59 million under it, the former controlled 3.16% of total outstanding shares. On the other hand, iShares Core S&P Midcap ETF held about 3.13% of the shares, roughly 15.91 million shares worth around $248.66 million.

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