Cleveland-Cliffs Inc. [NYSE: CLF] price surged by 5.97 percent to reach at $1.05. The company report on December 22, 2022 that Cleveland-Cliffs Achieves Price Increases on Fixed-Price Contracts for 2023.
Cleveland-Cliffs Inc. (NYSE: CLF) today announced the following updates on its latest commercial and operational developments.
The Company affirmed that, with a large portion of its fixed price contractual volumes already renewed in its most recent negotiating cycles, Cliffs will achieve higher annual fixed prices for steel in the calendar year 2023 compared to 2022. These improved annual fixed prices are independent of the Company’s recently announced price increases on spot steel sales.
A sum of 14137532 shares traded at recent session while its average daily volume was at 13.31M shares. Cleveland-Cliffs Inc. shares reached a high of $18.80 and dropped to a low of $17.86 until finishing in the latest session at $18.65.
The one-year CLF stock forecast points to a potential downside of -7.06. The average equity rating for CLF stock is currently 2.80, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Cleveland-Cliffs Inc. [CLF]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CLF shares is $17.42 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CLF stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
BofA Securities have made an estimate for Cleveland-Cliffs Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 04, 2023. While these analysts kept the previous recommendation, B. Riley Securities raised their target price from $26 to $27. The new note on the price target was released on December 23, 2022, representing the official price target for Cleveland-Cliffs Inc. stock. Previously, the target price had yet another raise to $17, while UBS analysts kept a Neutral rating on CLF stock.
The Average True Range (ATR) for Cleveland-Cliffs Inc. is set at 0.90, with the Price to Sales ratio for CLF stock in the period of the last 12 months amounting to 0.39. The Price to Book ratio for the last quarter was 1.37, with the Price to Cash per share for the same quarter was set at 0.12. Price to Free Cash Flow for CLF in the course of the last twelve months was 4.27 with Quick ratio for the last quarter at 0.80.
CLF Stock Performance Analysis:
Cleveland-Cliffs Inc. [CLF] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 13.10. With this latest performance, CLF shares gained by 15.69% in over the last four-week period, additionally plugging by 20.56% over the last 6 months – not to mention a drop of -21.61% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CLF stock in for the last two-week period is set at 67.40, with the RSI for the last a single of trading hit 72.90, and the three-weeks RSI is set at 63.45 for Cleveland-Cliffs Inc. [CLF]. The present Moving Average for the last 50 days of trading for this stock 15.23, while it was recorded at 17.27 for the last single week of trading, and 18.95 for the last 200 days.
Insight into Cleveland-Cliffs Inc. Fundamentals:
Cleveland-Cliffs Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 2.30.
Cleveland-Cliffs Inc. [CLF] Insider Position Details
There are presently around $6,300 million, or 67.60% of CLF stock, in the hands of institutional investors. The top three institutional holders of CLF stocks are: BLACKROCK INC. with ownership of 54,108,703, which is approximately 2.091% of the company’s market cap and around 0.20% of the total institutional ownership; VANGUARD GROUP INC, holding 45,757,539 shares of the stock with an approximate value of $853.38 million in CLF stocks shares; and FMR LLC, currently with $423.43 million in CLF stock with ownership of nearly 1.397% of the company’s market capitalization.
308 institutional holders increased their position in Cleveland-Cliffs Inc. [NYSE:CLF] by around 41,720,023 shares. Additionally, 268 investors decreased positions by around 21,216,212 shares, while 99 investors held positions by with 274,872,915 shares. The mentioned changes placed institutional holdings at 337,809,150 shares, according to the latest SEC report filing. CLF stock had 71 new institutional investments in for a total of 21,329,075 shares, while 82 institutional investors sold positions of 5,276,572 shares during the same period.