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 $891.25 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.
Currently, there are 513.34M common shares owned by the public and among those 495.11M shares have been available to trade.
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Insiders at the company have transacted a total of 35 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 716,244 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 51,769 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 15.91 million shares of the company’s stock, all valued at over $324.85 million. The company sold 49610.0 shares recently to bring their total holdings to about 3.15% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 13870.0 shares to see its total holdings expand to 15.34 million shares valued at over $313.23 million and representing 3.04% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.32 million shares to bring its total holdings to over 12.86 million shares at a value of $262.54 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.55% of the shares outstanding.
However, the script later moved the day high at 18.97, up 2.55%. The company’s stock has a 5-day price change of 4.48% and 16.75% over the past three months. CLF shares are trading -7.49% year to date (YTD), with the 12-month market performance down to -11.23% lower. 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 8.85 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 0.73%, 2.58%, and 15.43% respectively.
Institutional ownership of Cleveland-Cliffs Inc (NYSE: CLF) shares accounts for 67.13% of the company’s 513.34M shares outstanding. Mutual fund holders own 35.52%, while other institutional holders and individual stakeholders account for 9.83% and 31.81% respectively.
It has a market capitalization of $9.54B and a beta (3y monthly) value of 2.02. The stock’s trailing 12-month PE ratio is 28.35, 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 2.96% over the week and 2.81% over the month.
Analysts forecast that Cleveland-Cliffs Inc (CLF) will achieve an EPS of -$0.04 for the current quarter, $0.54 for the next quarter and $1.97 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.13 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 increase by 60.36%, and -16.45% over the next financial year.
Looking at the support for the CLF, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on January 12, 2024, with the firm’s price target at $19-$23.
