Fintel reports that on September 25, 2023, Citigroup upgraded their outlook for Cleveland-Cliffs (NYSE:CLF) from Neutral to Buy.

Analyst Price Forecast Suggests 31.46% Upside

As of August 31, 2023, the average one-year price target for Cleveland-Cliffs is 19.56. The forecasts range from a low of 13.57 to a high of $27.30. The average price target represents an increase of 31.46% from its latest reported closing price of 14.88.

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The projected annual revenue for Cleveland-Cliffs is 19,434MM, a decrease of 11.57%. The projected annual non-GAAP EPS is 1.33.

What is the Fund Sentiment?

There are 996 funds or institutions reporting positions in Cleveland-Cliffs. This is a decrease of 51 owner(s) or 4.87% in the last quarter. Average portfolio weight of all funds dedicated to CLF is 0.22%, a decrease of 19.03%. Total shares owned by institutions decreased in the last three months by 5.17% to 341,759K shares. The put/call ratio of CLF is 0.87, indicating a bullish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 16,086K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 15,949K shares, representing an increase of 0.85%. The firm decreased its portfolio allocation in CLF by 14.92% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 15,625K shares representing 3.07% ownership of the company. In it’s prior filing, the firm reported owning 15,897K shares, representing a decrease of 1.74%. The firm decreased its portfolio allocation in CLF by 13.92% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 13,298K shares representing 2.61% ownership of the company. In it’s prior filing, the firm reported owning 13,473K shares, representing a decrease of 1.32%. The firm decreased its portfolio allocation in CLF by 14.14% over the last quarter.

VISVX – Vanguard Small-Cap Value Index Fund Investor Shares holds 9,215K shares representing 1.81% ownership of the company. In it’s prior filing, the firm reported owning 9,450K shares, representing a decrease of 2.56%. The firm decreased its portfolio allocation in CLF by 13.68% over the last quarter.

Fisher Asset Management holds 7,992K shares representing 1.57% ownership of the company. In it’s prior filing, the firm reported owning 8,155K shares, representing a decrease of 2.03%. The firm decreased its portfolio allocation in CLF by 18.23% over the last quarter.

Cleveland-Cliffs Background Information
(This description is provided by the company.)

Cleveland-Cliffs, Inc. (Cliffs) is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, the company is also the largest producer of iron ore pellets in North America. In 2020, Cliffs acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market. Its fully integrated portfolio includes custom-made pellets and hot briquetted iron (HBI); flat-rolled carbon steel, stainless, electrical, plate, tinplate and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Headquartered in Cleveland, Ohio, Cliffs employ approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.

This article originally appeared on Fintel

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