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 0.29% to 43.65 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 8.65% valued currently at $748.96 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.44 million to 22.21 million shares. And Geode Capital Management LLC has lifted its position by 1.97% or 0.15 million shares – to 7.81 million shares.
With over 4.61 million Cleveland-Cliffs Inc (CLF) shares trading Tuesday and a closing price of $20.86 on the day, the dollar volume was approximately $96.07 million. The shares have shown a positive half year performance of 26.12% and its price on 12/26/23 gained nearly 0.58%. Currently, there are 513.34M common shares owned by the public and among those 495.15M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for CLF have a consensus price objective of $19.15. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $11.45. The average price target is -8.93% below its recent price level and a downside to the estimated low will see the stock lose -82.18% over that period. But an upside of 16.56% will see the stock hit the forecast high price target while median target price for the stock is $20.00.
Insiders at the company have transacted a total of 56 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 42 of these insider trades were purchases, accounting for 1,735,069 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 758,599 shares.
The top 3 mutual fund holders in Cleveland-Cliffs Inc are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 15.96 million shares of the company’s stock, all valued at over $273.84 million. The company bought an additional 19868.0 shares recently to bring their total holdings to about 3.16% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 2784.0 shares to see its total holdings expand to 15.69 million shares valued at over $269.27 million and representing 3.11% of the shares outstanding. Vanguard Small Cap Index Fund bought 56935.0 shares to bring its total holdings to over 13.18 million shares at a value of $226.12 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.61% of the shares outstanding.
Shares of Cleveland-Cliffs Inc (NYSE: CLF) opened at $20.85, up $0.11 from a prior closing price of $20.74. The company’s stock has a 5-day price change of 1.76% and 41.90% over the past three months. CLF shares are trading 29.48% year to date (YTD), with the 12-month market performance up to 23.29% higher. It has a 12-month low price of $13.61 and touched a high of $22.83 over the same period. CLF has an average intraday trading volume of 9.83 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 13.23%, 21.81%, and 28.30% respectively.
Institutional ownership of Cleveland-Cliffs Inc (NYSE: CLF) shares accounts for 66.71% of the company’s 513.34M shares outstanding. Mutual fund holders own 35.24%, while other institutional holders and individual stakeholders account for 9.77% and 31.68% respectively.
It has a market capitalization of $10.53B and a beta (3y monthly) value of 2.12. The stock’s trailing 12-month PE ratio is 31.31, while the earnings-per-share (ttm) stands at $0.67. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.37% over the week and 3.29% over the month.
Analysts forecast that Cleveland-Cliffs Inc (CLF) will achieve an EPS of $0.06 for the current quarter, $0.38 for the next quarter and $1.91 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.08 while analysts give the company a high EPS estimate of $0.17. Comparatively, EPS for the current quarter was -$0.41 a year ago. Earnings per share for the fiscal year are expected to decrease by -53.37%, and 37.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Cleveland-Cliffs Inc (CLF) as a “Moderate Buy” at a consensus score of 2.09. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 4 of the 11 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the CLF, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on September 25, 2023, with the firm’s price target at $22.
