Cleveland-Cliffs Inc [NYSE: CLF] stock went on a downward path that fall over -3.13% on Monday, amounting to a one-week price increase of more than 0.84%. The company report on March 4, 2024 at 3:24 PM that Cleveland-Cliffs Announces Upsizing and Pricing of $825 Million of Senior Unsecured Guaranteed Notes due 2032.
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has upsized and priced $825 million aggregate principal amount of senior unsecured guaranteed notes due 2032 (the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will bear interest at an annual rate of 7.000% and will be issued at par. The Notes will be guaranteed on a senior unsecured basis by the Company’s material direct and indirect wholly-owned domestic subsidiaries, other than certain excluded subsidiaries. The offering is expected to close on March 18, 2024, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the Notes, along with liquidity on hand, to repurchase in a tender offer or otherwise redeem all of the Company’s outstanding 6.750% Senior Secured Notes due 2026 (the “Secured Notes”).
Over the last 12 months, CLF stock dropped by -8.10%. The one-year Cleveland-Cliffs Inc stock forecast points to a potential downside of -0.59. The average equity rating for CLF stock is currently 2.67, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $10.18 billion, with 504.89 million shares outstanding and 488.12 million shares in the current float. Compared to the average trading volume of 9.43M shares, CLF stock reached a trading volume of 8943872 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 $20.30 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 2.67. 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 Underperform, with their previous recommendation back on February 28, 2024. While these analysts kept the previous recommendation, Morgan Stanley dropped their target price from $21.50 to $20. The new note on the price target was released on February 15, 2024, representing the official price target for Cleveland-Cliffs Inc stock. Previously, the target price had yet another raise to $24, while JP Morgan analysts kept a Overweight rating on CLF stock.
The Average True Range (ATR) for Cleveland-Cliffs Inc is set at 0.59, 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 1.31, 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 6.41 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 0.84. With this latest performance, CLF shares gained by 0.29% in over the last four-week period, additionally plugging by 33.55% over the last 6 months – not to mention a drop of -8.10% 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 56.13, with the RSI for the last a single of trading hit 54.91, and the three-weeks RSI is set at 56.49 for Cleveland-Cliffs Inc [CLF]. The present Moving Average for the last 50 days of trading for this stock 19.57, while it was recorded at 20.66 for the last single week of trading, and 16.90 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%.
