On February 21, 2023 at 09:42:50 (ET) an unusually large $39.59K block of Put contracts in Cleveland Cliffs (CLF) was sold, with a strike price of $20.00 / share, expiring in 3 days (on February 24, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.01 sigmas above the mean, placing it in the 77.63 percentile of all recent large trades made in CLF options.

Analyst Price Forecast Suggests 3.04% Upside

As of February 21, 2023, the average one-year price target for Cleveland Cliffs is $20.42. The forecasts range from a low of $13.13 to a high of $28.35. The average price target represents an increase of 3.04% from its latest reported closing price of $19.82.

The projected annual revenue for Cleveland Cliffs is $19,434MM, a decrease of 15.46%. The projected annual EPS is $1.33, a decrease of 48.38%.

What is the Fund Sentiment?

There are 1089 funds or institutions reporting positions in Cleveland Cliffs. This is a decrease of 10 owner(s) or 0.91% in the last quarter. Average portfolio weight of all funds dedicated to CLF is 0.27%, an increase of 1.78%. Total shares owned by institutions increased in the last three months by 0.32% to 378,367K shares. The put/call ratio of CLF is 0.79, indicating a bullish outlook.

What are large shareholders doing?

IJH – iShares Core S&P Mid-Cap ETF holds 15,117K shares representing 2.94% ownership of the company. In it’s prior filing, the firm reported owning 13,731K shares, representing an increase of 9.17%. The firm decreased its portfolio allocation in CLF by 3.04% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 13,819K shares representing 2.68% ownership of the company. In it’s prior filing, the firm reported owning 13,893K shares, representing a decrease of 0.54%. The firm decreased its portfolio allocation in CLF by 9.13% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 11,821K shares representing 2.30% ownership of the company. In it’s prior filing, the firm reported owning 11,923K shares, representing a decrease of 0.86%. The firm decreased its portfolio allocation in CLF by 9.39% over the last quarter.

FLPSX – Fidelity Low-Priced Stock Fund holds 9,929K shares representing 1.93% ownership of the company. In it’s prior filing, the firm reported owning 9,946K shares, representing a decrease of 0.18%. The firm decreased its portfolio allocation in CLF by 23.55% over the last quarter.

Fisher Asset Management holds 8,502K shares representing 1.65% ownership of the company. In it’s prior filing, the firm reported owning 10,408K shares, representing a decrease of 22.41%. The firm decreased its portfolio allocation in CLF by 11.89% 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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