In the latest trading session, 1.12 million Cleveland-Cliffs Inc (NYSE:CLF) shares changed hands as the company’s beta touched 2.02. With the company’s most recent per share price at $21.86 changing hands around $0.29 or 1.37% at last look, the market valuation stands at $10.90B. CLF’s current price is a discount, trading about -1.28% off its 52-week high of $22.14. The share price had its 52-week low at $13.61, which suggests the last value was 37.74% up since then. When we look at Cleveland-Cliffs Inc’s average trading volume, we note the 10-day average is 9.15 million shares, with the 3-month average coming to 8.73 million.
Cleveland-Cliffs Inc (NYSE:CLF) trade information
Instantly CLF is in green as seen in intraday trades today. With action 3.14%, the performance over the past five days has been green. The jump to weekly highs of 22.14 added 1.37% to the stock’s daily price. The company’s shares are showing year-to-date upside of 7.08%, with the 5-day performance at 3.14% in the green. However, in the 30-day time frame, Cleveland-Cliffs Inc (NYSE:CLF) is 5.58% up. Looking at the short shares, we see there were 29.44 million shares sold at short interest cover period of 3.01 days.
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 48.74% over the past 6 months, a 71.96% in annual growth rate that is considerably higher than the industry average of 14.80%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Cleveland-Cliffs Inc will rise 318.20%, while the growth in revenue is estimated to hit -26.90% for the next quarter. Year-over-year growth is forecast to reach -2.70% down from the last financial year.
Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $5.35 billion. 6 analysts are of the opinion that Cleveland-Cliffs Inc’s revenue for the quarter ending Jun 2024 will be $5.47 billion. The company’s revenue for the corresponding quarters a year ago was $5.29 billion and $5.98 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 1.10%. The estimates for the next quarter sales put growth at -8.50%.
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 29.28%.
Cleveland-Cliffs Inc (NYSE:CLF)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 1.76% of Cleveland-Cliffs Inc shares while 68.73% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 69.96%. There are 68.73% institutions holding the Cleveland-Cliffs Inc stock share, with Vanguard Group Inc the top institutional holder. As of Dec 30, 2023, the company held 10.05% of the shares, roughly 50.07 million CLF shares worth $1.1 billion.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 9.74% or 48.51 million shares worth $1.07 billion as of Dec 30, 2023.
Among Mutual Funds, the top two as of Dec 30, 2023 were Vanguard Total Stock Market Index Fund and iShares Core S&P Midcap ETF. With 15.91 million shares estimated at $350.05 million under it, the former controlled 3.19% of total outstanding shares. On the other hand, iShares Core S&P Midcap ETF held about 3.07% of the shares, roughly 15.31 million shares worth around $336.84 million.
