Cleveland-Cliffs Inc [CLF] stock prices are up 2.27% to $20.71 at the moment. An important factor to consider is whether the stock is rising or falling in short-term value. The CLF shares have gain 5.77% over the last week, with a monthly amount glided 12.43%, and seem to be holding up well over a long-time horizon.
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On 15, February 2024, Cleveland-Cliffs to Idle Weirton Tinplate Facility Following Unfavorable ITC Ruling. In a post published today on Yahoo Finance, 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.
From an analyst’s perspective:
Cleveland-Cliffs Inc [NYSE: CLF] stock has seen the most recent analyst activity on February 15, 2024, when Morgan Stanley downgraded its rating to a Equal-Weight and also revised its price target to $20 from $21.50. On February 08, 2024, downgrade downgraded it’s rating to Hold. Citigroup upgraded its rating to a Buy but $22 remained the price target by the analyst firm on September 25, 2023. JP Morgan started tracking with a Neutral rating for this stock on May 23, 2023, and assigned it a price target of $18. In a note dated March 20, 2023, Wolfe Research upgraded an Peer Perform rating on this stock.
The stock price of Cleveland-Cliffs Inc [CLF] has been fluctuating between $13.61 and $22.83 over the past year. Currently, Wall Street analysts expect the stock to reach $20.13 within the next 12 months. Cleveland-Cliffs Inc [NYSE: CLF] shares were valued at $20.71 at the most recent close of the market. An investor can expect a potential drop of -2.8% based on the average CLF price forecast.
Analyzing the CLF fundamentals
The Cleveland-Cliffs Inc [NYSE:CLF] reported sales of 22.00B for trailing twelve months, representing a surge of 1.35%. Gross Profit Margin for this corporation currently stands at -0.03% with Operating Profit Margin at -0.22%, Pretax Profit Margin comes in at -0.24%, and Net Profit Margin reading is -0.51%. To continue investigating profitability, this company’s Return on Assets is posted at -1.53, Equity is -2.61 and Total Capital is -22.65. An extended analysis of the company’s primary financial structure reveals a debt-to-equity ratio of-6.
Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 20.48 points at the first support level, and at 20.26 for the second support level. However, for the 1st resistance point, the stock is sitting at 20.84, and for the 2nd resistance point, it is at 20.98.
Cleveland-Cliffs Inc [CLF] reported earnings per share of -$0.05 for its fiscal quarter that ended on 12/30/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of -$0.06/share, meaning a difference of $0.01 and a surprise factor of 16.70%. By comparison, the stated earnings for the previous quarter ended on 9/29/2023 were $0.52 per share as compared to estimates of $0.43 per share, a difference of $0.09 representing a surprise of 20.90%.
Ratios To Look Out For
It’s worth pointing out that Cleveland-Cliffs Inc [NYSE:CLF]’s Current Ratio is 1.89. On the other hand, the Quick Ratio is 0.62, and the Cash Ratio is 0.05. Considering the valuation of this stock, the price to sales ratio is 0.47, the price to book ratio is 1.33 and price to earnings (TTM) ratio is 26.68.
Transactions by insiders
Recent insider trading involved Bloom Ron A., Director, that happened on Feb 01 when 25000.0 shares were purchased. Director, MICHAEL RALPH S III completed a deal on May 02 to buy 10000.0 shares. Meanwhile, EVP, CFO Goncalves Celso L Jr bought 6500.0 shares on May 01.
