Cleveland-Cliffs Inc. (NYSE:CLF) Short Interest Update

Posted by Defense World Staff on Oct 6th, 2023

Cleveland-Cliffs logo Cleveland-Cliffs Inc. (NYSE:CLF – Get Free Report) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 41,820,000 shares, a growth of 5.3% from the August 31st total of 39,730,000 shares. Based on an average trading volume of 9,740,000 shares, the days-to-cover ratio is currently 4.3 days. Approximately 8.4% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in Cleveland-Cliffs by 13.1% during the first quarter. Dimensional Fund Advisors LP now owns 7,107,905 shares of the mining company’s stock worth $130,282,000 after buying an additional 820,957 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Cleveland-Cliffs by 10.0% during the second quarter. Louisiana State Employees Retirement System now owns 150,400 shares of the mining company’s stock worth $2,521,000 after acquiring an additional 13,700 shares in the last quarter. Twelve Points Wealth Management LLC increased its position in shares of Cleveland-Cliffs by 27.2% during the second quarter. Twelve Points Wealth Management LLC now owns 62,054 shares of the mining company’s stock worth $1,040,000 after acquiring an additional 13,262 shares in the last quarter. Tectonic Advisors LLC increased its position in shares of Cleveland-Cliffs by 11.7% during the second quarter. Tectonic Advisors LLC now owns 53,149 shares of the mining company’s stock worth $891,000 after acquiring an additional 5,580 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its position in shares of Cleveland-Cliffs by 56.2% during the first quarter. AustralianSuper Pty Ltd now owns 843,163 shares of the mining company’s stock worth $15,455,000 after acquiring an additional 303,324 shares in the last quarter. Institutional investors own 60.97% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on CLF. B. Riley decreased their price target on shares of Cleveland-Cliffs from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, September 27th. Citigroup raised shares of Cleveland-Cliffs from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Monday, September 25th. Finally, StockNews.com started coverage on shares of Cleveland-Cliffs in a research note on Thursday. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.73.

Get Our Latest Report on Cleveland-Cliffs

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $15.19 on Friday. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 34.51 and a beta of 2.20. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.10 and a quick ratio of 0.72. Cleveland-Cliffs has a fifty-two week low of $11.82 and a fifty-two week high of $22.83. The firm has a fifty day moving average price of $15.19 and a two-hundred day moving average price of $15.89.

Cleveland-Cliffs (NYSE:CLF – Get Free Report) last released its earnings results on Monday, July 24th. The mining company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Cleveland-Cliffs had a return on equity of 3.77% and a net margin of 1.04%. The firm had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the firm earned $1.31 EPS. The firm’s revenue was down 5.6% on a year-over-year basis. As a group, analysts forecast that Cleveland-Cliffs will post 1.3 earnings per share for the current year.

About Cleveland-Cliffs

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Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.