Wall Street Analyst Downgrade Cleveland-Cliffs Inc [CLF]. What else is Wall St. saying

Cleveland-Cliffs Inc [NYSE: CLF] stock went on a downward path that fall over -1.46% on Tuesday, amounting to a one-week price increase of more than 0.05%. The company report on February 15, 2024 at 6:00 AM that Cleveland-Cliffs to Idle Weirton Tinplate Facility Following Unfavorable ITC Ruling.

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it will be indefinitely idling its tinplate production plant located in Weirton, West Virginia in April 2024. The need to idle the Weirton plant is a direct result of the unanimous decision issued by all four members of the International Trade Commission (ITC) negating the implementation of anti-dumping and countervailing duties on tin mill products calculated by the Department of Commerce. A WARN notice is being issued today to approximately 900 impacted employees. These employees will be provided relocation opportunities to work at other Cliffs’ facilities and/or severance packages.

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In January 2023, Cleveland-Cliffs and co-petitioners the United Steelworkers (USW) filed antidumping and countervailing duty petitions related to unfairly traded tin and chromium coated sheet steel products. After finding evidence of dumping and subsidization, on January 5, 2024, the Department of Commerce announced duties on four countries, including Canada, China, Germany and South Korea. However, on February 6, 2024, the ITC unanimously rejected these tariffs.

Over the last 12 months, CLF stock dropped by -4.91%. The one-year Cleveland-Cliffs Inc stock forecast points to a potential upside of 2.25. The average equity rating for CLF stock is currently 2.50, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $9.76 billion, with 504.89 million shares outstanding and 488.64 million shares in the current float. Compared to the average trading volume of 9.48M shares, CLF stock reached a trading volume of 9919854 in the most recent trading day, which is why market watchdogs consider the stock to be active.

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 $20.03 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.

Morgan Stanley have made an estimate for Cleveland-Cliffs Inc shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on February 15, 2024. While these analysts kept the previous recommendation, JP Morgan raised their target price to Overweight. The new note on the price target was released on February 09, 2024, representing the official price target for Cleveland-Cliffs Inc stock. On January 12, 2024, analysts increased their price target for CLF shares from 19 to 23.

The Average True Range (ATR) for Cleveland-Cliffs Inc is set at 0.62, with the Price to Sales ratio for CLF stock in the period of the last 12 months amounting to 0.44. The Price to Book ratio for the last quarter was 1.25, with the Price to Cash per share for the same quarter was set at 0.40. Price to Free Cash Flow for CLF in the course of the last twelve months was 6.15 with Quick ratio for the last quarter at 0.62.

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 0.05. With this latest performance, CLF shares gained by 10.43% in over the last four-week period, additionally plugging by 30.88% over the last 6 months – not to mention a drop of -4.91% 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 52.64, with the RSI for the last a single of trading hit 51.03, and the three-weeks RSI is set at 53.64 for Cleveland-Cliffs Inc [CLF]. The present Moving Average for the last 50 days of trading for this stock 19.24, while it was recorded at 19.63 for the last single week of trading, and 16.65 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 0.62 and a Current Ratio set at 1.89.

CLF Stock EPS

With the latest financial reports released by the company, Cleveland-Cliffs Inc posted -0.11/share EPS, while the average EPS was predicted by analysts to be reported at -0.19/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 42.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CLF.

Cleveland-Cliffs Inc [CLF] Institutonal Ownership Details

The top three institutional holders of CLF stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CLF stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CLF stock with ownership which is approximately 5.8325%.