Cleveland-Cliffs Inc. (NYSE: CLF) stock fell -3.93% on Wednesday to $14.19 against a previous-day closing price of $14.77. With 10.95 million shares changed hands, the volume of the stock remained heavier than its average volume of 9.84 million shares. During the session, the Steel company that operates in wider Basic Materials sector, reached to the highest price of $14.57 whereas the lowest price it dropped to was $14.07. The 52-week range on CLF shows that it touched its highest point at $24.66 and its lowest point at $11.82 during that stretch. It currently has a 1-year price target of $21.27. Beta for the stock currently stands at 2.20.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CLF was down-trending over the past week, with a drop of -6.83%, but this was down by -7.07% over a month. Three-month performance dropped to -29.51% while six-month performance fell -5.84%. The stock lost -38.33% in the past year, while it has lost -11.92% so far this year. A look at the trailing 12-month EPS for CLF yields 0.90 with Next year EPS estimates of 2.06. For the next quarter, that number is 0.77. This implies an EPS growth rate of -52.50% for this year and 6.13% for next year.
Float and Shares Shorts:
At present, 515.00 million CLF shares are outstanding with a float of 508.28 million shares on hand for trading. On Apr 27, 2023, short shares totaled 32.34 million, which was 6.28% higher than short shares on Mar 30, 2023. In addition to Mr. C. Lourenco Goncalves as the firm’s Chairman, Pres & CEO, Mr. Celso L. Goncalves Jr. serves as its Exec. VP & CFO.
Through their ownership of 67.70% of CLF’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.58% of CLF, in contrast to 36.29% held by mutual funds. Shares owned by individuals account for 28.61%. As the largest shareholder in CLF with 9.82% of the stake, The Vanguard Group, Inc. holds 50,553,900 shares worth 50,553,900. A second-largest stockholder of CLF, BlackRock Fund Advisors, holds 49,246,719 shares, controlling over 9.56% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in CLF, holding 22,616,982 shares or 4.39% stake. With a 3.12% stake in CLF, the iShares Core S&P Mid Cap ETF is the largest stakeholder. A total of 16,080,116 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.11% of CLF stock, is the second-largest Mutual Fund holder. It holds 15,996,081 shares valued at 246.02 million. Vanguard Small Cap Index Fund holds 2.62% of the stake in CLF, owning 13,468,158 shares worth 207.14 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, CLF reported revenue of $6.34B and operating income of $840.00M. The EBITDA in the recently reported quarter was $1.14B and diluted EPS was $1.13.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CLF since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CLF analysts setting a high price target of $27.00 and a low target of $17.00, the average target price over the next 12 months is $21.23. Based on these targets, CLF could surge 90.27% to reach the target high and rise by 19.8% to reach the target low. Reaching the average price target will result in a growth of 49.61% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded CLF stock several times over the past three months with 15 Buys and 3 Sells. In these transactions, 94,469 shares were bought while 51,027 shares were sold. The number of buy transactions has increased to 46 while that of sell transactions has risen to 17 over the past year. The total number of shares bought during that period was 1,650,462 while 808,984 shares were sold.