Cleveland-Cliffs Inc (NYSE:CLF) – Experts See The Stock A Different Way Today

In the last trading session, 5.9 million shares of the Cleveland-Cliffs Inc (NYSE:CLF) were traded, and its beta was 2.02. Most recently the company’s share price was $22.69, and it changed around -$0.05 or -0.22% from the last close, which brings the market valuation of the company to $11.31B. CLF currently trades at a discount to its 52-week high of $22.78, offering almost -0.4% off that amount. The share price’s 52-week low was $13.61, which indicates that the current value has risen by an impressive 40.02% since then. We note from Cleveland-Cliffs Inc’s average daily trading volume that its 10-day average is 6.68 million shares, with the 3-month average coming to 8.78 million.

Cleveland-Cliffs Inc stock received a consensus recommendation rating of Hold, based on a mean score of 2.50. If we narrow it down even further, the data shows that 2 out of 9 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 5 recommended CLF as a Hold, whereas 1 deemed it a Buy, and 0 rated it as Underweight. Cleveland-Cliffs Inc is expected to report earnings per share of $0.25 for the current quarter.

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Cleveland-Cliffs Inc (NYSE:CLF) trade information

Instantly CLF has showed a red trend with a performance of -0.22% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 11.12% year-to-date, but still up 6.73% over the last five days. On the other hand, Cleveland-Cliffs Inc (NYSE:CLF) is 9.09% up in the 30-day period. We can see from the shorts that 31.79 million shares have been sold at a short interest cover period of 3.75 day(s).

The consensus price target as assigned by Wall Street analysts is $22.88, which translates to bulls needing to increase their stock price by 0.83% from its current value. Analyst projections state that CLF is forecast to be at a low of $19 and a high of $27.2.

Cleveland-Cliffs Inc (CLF) estimates and forecasts

Cleveland-Cliffs Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 47.24 percent over the past six months and at a 71.96% annual growth rate that is well above the industry average of 18.40%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 327.30% in revenue this quarter, and will report a decrease of -41.80% in the next quarter. The year-over-year growth rate is expected to be -2.70%, down from the previous year.

Consensus estimates provided by 7 financial analysts predict the company will bring in an average of $5.36 billion in revenue for the current quarter. 7 analysts expect Cleveland-Cliffs Inc to make $5.43 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $5.29 billion and $5.98 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 1.30%. Forecasts for the next quarter put sales growth at -9.30%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -26.78%.

CLF Dividends

Cleveland-Cliffs Inc’s next quarterly earnings report is expected to be released around April 22 and April 26.

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

Upon looking at major shareholders, it appears that insiders hold 1.76% of Cleveland-Cliffs Inc shares, and 68.74% of them are in the hands of institutional investors. The stock currently has a share float of 69.97%. Cleveland-Cliffs Inc stock is held by 828 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 9.99% of the shares, which is about 50.82 million shares worth $851.78 million.

Blackrock Inc., with 9.88% or 50.25 million shares worth $842.19 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and iShares Core S&P Midcap ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 16.09 million shares worth $269.59 million, making up 3.16% of all outstanding shares. On the other hand, iShares Core S&P Midcap ETF held roughly 15.91 million shares worth around $248.66 million, which represents about 3.13% of the total shares outstanding.