why Cleveland-Cliffs Inc. [CLF] is a Good Choice for Investors After New Price Target of $21.33

Cleveland-Cliffs Inc. [NYSE: CLF] slipped around -1.21 points on Friday, while shares priced at $19.37 at the close of the session, down -5.88%. The company report on March 3, 2023 that Cleveland-Cliffs Applauds Unanimous U.S. International Trade Commission Affirmative Preliminary Vote in Tin Mill Products Trade Case.

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Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the U.S. International Trade Commission’s unanimous affirmative preliminary determination on all countries in response to antidumping and countervailing duty petitions on tin and chromium coated sheet steel products (“tin mill products”) filed by Cleveland-Cliffs and the United Steelworkers (“USW”). This affirmative preliminary determination relates to petitions seeking antidumping duties on U.S. imports of tin mill products from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom. The petitions also seek the imposition of countervailing duties on U.S. imports of tin mill products from China.

Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer, stated, “Today’s affirmative vote by the U.S. International Trade Commission signals real progress on our joint effort with the USW to remedy surging imports of dumped and subsidized tin mill products in the U.S. market. Cleveland-Cliffs is committed to this antidumping and countervailing duty action and we are optimistic that we will see continued progress in this case before both the U.S. Department of Commerce and the U.S. International Trade Commission. Today’s vote should give pause to those facilitating the import of dumped and subsidized tin mill products from the countries at issue in this case.”.

Cleveland-Cliffs Inc. stock is now 20.24% up from its year-to-date (YTD) trading value. CLF Stock saw the intraday high of $20.69 and lowest of $19.165 per share. The company’s 52-week high price is 34.04, which means current price is +18.76% above from all time high which was touched on 03/03/23.

Compared to the average trading volume of 11.11M shares, CLF reached a trading volume of 12235152 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 $21.33 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 2.50. 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.

Exane BNP Paribas have made an estimate for Cleveland-Cliffs Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 25, 2023. While these analysts kept the previous recommendation, Morgan Stanley raised their target price from $13.60 to $26. The new note on the price target was released on January 12, 2023, representing the official price target for Cleveland-Cliffs Inc. stock. Previously, the target price had yet another raise to $19, while BofA Securities analysts kept a Neutral rating on CLF stock. On December 23, 2022, analysts increased their price target for CLF shares from 26 to 27.

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 0.46. The Price to Book ratio for the last quarter was 1.28, with the Price to Cash per share for the same quarter was set at 0.05. Price to Free Cash Flow for CLF in the course of the last twelve months was 7.16 with Quick ratio for the last quarter at 0.60.

How has CLF stock performed recently?

Cleveland-Cliffs Inc. [CLF] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -15.01. With this latest performance, CLF shares dropped by -4.16% in over the last four-week period, additionally plugging by 9.87% 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 41.26, with the RSI for the last a single of trading hit 35.31, and the three-weeks RSI is set at 45.58 for Cleveland-Cliffs Inc. [CLF]. The present Moving Average for the last 50 days of trading for this stock 20.13, while it was recorded at 20.79 for the last single week of trading, and 17.42 for the last 200 days.

Cleveland-Cliffs Inc. [CLF]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Cleveland-Cliffs Inc. [CLF] shares currently have an operating margin of +7.46 and a Gross Margin at +9.84. Cleveland-Cliffs Inc.’s Net Margin is presently recorded at +5.79.

Return on Equity for this stock inclined to 20.06, with Return on Assets sitting at 7.06.

Cleveland-Cliffs Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 2.10.

Insider trade positions for Cleveland-Cliffs Inc. [CLF]

There are presently around $6,635 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 54,412,072, which is approximately 0.561% of the company’s market cap and around 0.20% of the total institutional ownership; VANGUARD GROUP INC, holding 50,252,165 shares of the stock with an approximate value of $973.38 million in CLF stocks shares; and STATE STREET CORP, currently with $449.62 million in CLF stock with ownership of nearly 12.6% of the company’s market capitalization.

Positions in Cleveland-Cliffs Inc. stocks held by institutional investors increased at the end of Monday and at the time of the Monday reporting period, where 307 institutional holders increased their position in Cleveland-Cliffs Inc. [NYSE:CLF] by around 32,011,896 shares. Additionally, 297 investors decreased positions by around 32,432,167 shares, while 97 investors held positions by with 278,111,328 shares. The mentioned changes placed institutional holdings at 342,555,391 shares, according to the latest SEC report filing. CLF stock had 108 new institutional investments in for a total of 12,865,981 shares, while 76 institutional investors sold positions of 6,179,240 shares during the same period.


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