BlackRock Fund Advisors recently announced the acquisition of new stake in Cleveland-Cliffs Inc. (NYSE:CLF). The institutional investor has increased its shareholding in the Basic Materials company by 0.69% to 55.43 million shares with purchase of 0.38 million shares. This fresh investment now brings its stake to 13.91% valued currently at $287.12 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.41 million to 15.42 million shares. And Fisher Asset Management LLC has lifted its position by 40.40% or 3.69 million shares – to 12.82 million shares.
With over 12.99 million Cleveland-Cliffs Inc. (CLF) shares trading Monday and a closing price of $6.58 on the day, the dollar volume was approximately $85.45 million. The shares have shown a positive weekly performance of 4.11% and its price on 08/31/20 gained nearly 1.54%. Currently, there are 399.10M common shares owned by the public and among those 392.97M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for CLF have a consensus price objective of $6.29. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $4.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Cleveland-Cliffs Inc. stock is 2.90 for the next 12 months. The average price target is -14.43% below its last price level and a downside to the estimated low will see the stock lose -46.22% over that period. But an upside of 34.2% will see the stock hit the forecast high price target while mean target price for the stock is $5.75.
Insiders at the company have transacted a total of 75 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 63 of these insider trades were purchases, accounting for 2,470,350 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 759,779 shares.
The top 3 mutual fund holders in Cleveland-Cliffs Inc. are iShares Core S&P Small Cap ETF, Fidelity Low Priced Stock Fund, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 24.88 million shares of the company’s stock, all valued at over $128.88 million. The company bought an additional 0.16 million shares recently to bring their total holdings to about 6.24% of the shares outstanding. Fidelity Low Priced Stock Fund sold -0.7 million shares to see its total holdings shrink to 11.99 million shares valued at over $62.1 million and representing 3.01% of the shares outstanding. Vanguard Total Stock Market Index sold -0.14 million shares to bring its total holdings to over 11.36 million shares at a value of $58.82 million. Vanguard Total Stock Market Index now owns shares totaling to 2.85% of the shares outstanding.
Shares of Cleveland-Cliffs Inc. (NYSE: CLF) opened at $6.54, up $0.06 from a prior closing price of $6.48. However, the script later closed the day at $6.58, up 1.54%. The company’s stock has a 5-day price change of 4.11% and 17.50% over the past three months. CLF shares are trading -21.67% year to date (YTD), with the 12-month market performance down to -16.64% lower. It has a 12-month low price of $2.63 and touched a high of $9.02 over the same period. Currently, 12.99 million shares have been traded, compared to an average intraday trading volume of 10.35 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 8.31%, 13.72%, and 8.91% respectively.
Institutional ownership of Cleveland-Cliffs Inc. (NYSE: CLF) shares accounts for 68.90% of the company’s 399.10M shares outstanding. Mutual fund holders own 28.44%, while other institutional holders and individual stakeholders account for 41.00% and 2.03% respectively.
It has a market capitalization of $2.56B and a beta (3y monthly) value of 2.39. The stock’s trailing 12-month PE ratio is 86.58, while the earnings-per-share (ttm) stands at $0.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.42% over the week and 4.43% over the month.
Analysts forecast that Cleveland-Cliffs Inc. (CLF) will achieve an EPS of -$0.15 for the current quarter, $0.04 for the next quarter and $0.5 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.27 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was $0.33 a year ago. Earnings per share for the fiscal year are expected to decrease by -69.70%, and 666.70% over the next financial year. EPS should grow at an annualized rate of -2.74% over the next five years, compared to -32.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Cleveland-Cliffs Inc. (CLF) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 5 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CLF, a number of firms have released research notes about the stock. Credit Suisse stated their Neutral rating for the stock in a research note on April 15, 2020, with the firm’s price target at $4.50. Goldman coverage for the Cleveland-Cliffs Inc. (CLF) stock in a research note released on March 30, 2020 offered a Neutral rating with a price target of $4. Citigroup was of a view on January 10, 2020 that the stock is Neutral, while B. Riley FBR gave the stock Buy rating on October 01, 2019, issuing a price target of $16- $13. JP Morgan on their part issued Neutral rating on September 23, 2019.