JP Morgan gives a Neutral recommendation for Cleveland-Cliffs Inc. (CLF)


In a filing, Cleveland-Cliffs Inc. revealed its Director MICHAEL RALPH S III acquired Company’s shares for reported $0.15 million on May 02. In the deal valued at $14.96 per share,10,000 shares were bought. As a result of this transaction, MICHAEL RALPH S III now holds 171,840 shares worth roughly $ 2.67 million.

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Then, Goncalves Celso L Jr bought 6,500 shares, generating $98,697 in total proceeds. Upon buying the shares at $15.18, the EVP, CFO now owns 237,727 shares.

Before that, Yocum Arlene M bought 1,500 shares. Cleveland-Cliffs Inc. shares valued at $22,703 were divested by the Director at a price of $15.14 per share. As a result of the transaction, Yocum Arlene M now holds 83,454 shares, worth roughly $1.29 million.

JP Morgan initiated its Cleveland-Cliffs Inc. [CLF] rating to a Neutral in a research note published on Friday, May 23, 2023; the price target was $18. PT values the company’s stock at a premium of 13.83 to its Friday closing price.

Price Performance Review of CLF

On Friday, Cleveland-Cliffs Inc. [NYSE:CLF] saw its stock jump 1.44% to $15.51. On the same session, the stock had its day’s lowest price of $15.38, but rose to a high of $15.62. Over the last five days, the stock has gained 5.80%. Cleveland-Cliffs Inc. shares have fallen nearly -3.72% since the year began. Nevertheless, the stocks have fallen -10.19% over the past one year. While a 52-week high of $22.83 was reached on 03/03/23, a 52-week low of $11.82 was recorded on 05/31/23. SMA at 50 days reached $16.10, while 200 days put it at $17.09. A total of 5.77 million shares were traded, compared to the trading of 8.11 million shares in the previous session.

Levels Of Support And Resistance For CLF Stock

The 24-hour chart illustrates a support level at 15.39, which if violated will result in even more drops to 15.26. On the upside, there is a resistance level at 15.63. A further resistance level may holdings at 15.74. The Relative Strength Index (RSI) on the 14-day chart is 50.15, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.22, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 23.66%. Stochastics %K at 50.68% indicates the stock is a holding.

How much short interest is there in Cleveland-Cliffs Inc.?

A steep rise in short interest was recorded in Cleveland-Cliffs Inc. stocks on Aug 14, 2023, growing by 2.16 million shares to a total of 33.4 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 31.24 million shares. There was a rise of 6.47%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.48% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.89.

Cleveland-Cliffs Inc. [CLF] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 50,110,453 shares, or roughly 9.85% of the outstanding CLF shares. In other words, the investor’s shares have fallen by -443,447 from its previous 13-F filing of 50553900.0. Additionally, BlackRock Fund Advisors decreased -11.63% of its stake after which the total value it holdings stand at $768,116,157, while SSgA Funds Management, Inc. reduced -3.73% of its stake to hold $384.31 million in the firm. Over the last quarter, Fisher Asset Management LLC sold -162,279 shares of Cleveland-Cliffs Inc., while Geode Capital Management LLC sold 186,299 shares. At present, Dimensional Fund Advisors LP is holding 7,216,964 shares valued at $127.38 million. Fidelity Management & Research Co owned 6,713,665 shares of the company at the time of its most recent 13F filing, worth $118.5 million.

According to FactSet, Cleveland-Cliffs Inc.’s share price will average $18.25 in the next year, based on opinions of analysts polled by the firm. This is up nearly 17.72 percent from its previous closing price of $15.29. Analysts expect Cleveland-Cliffs Inc. stock to reach the higher price of $26.00, while the lowest price estimate is $13.44. However, 9 analysts have rated CLF stock as an Overweight in their predictions for 2023.


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