Fintel reports that Vanguard Group has filed a 13G/A form with the SEC disclosing ownership of 50.25MM shares of Cleveland Cliffs, Inc. (CLF). This represents 9.75% of the company.
In their previous filing dated February 9, 2022 they reported 42.23MM shares and 8.44% of the company, an increase in shares of 18.99% and an increase in total ownership of 1.31% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 6.38% Downside
As of February 8, 2023, the average one-year price target for Cleveland Cliffs is $18.92. The forecasts range from a low of $13.13 to a high of $28.35. The average price target represents a decrease of 6.38% from its latest reported closing price of $20.21.
The projected annual revenue for Cleveland Cliffs is $19,434MM, a decrease of 16.56%. The projected annual EPS is $1.33, a decrease of 71.65%.
What is the Fund Sentiment?
There are 1065 funds or institutions reporting positions in Cleveland Cliffs. This is a decrease of 33 owner(s) or 3.01% in the last quarter. Average portfolio weight of all funds dedicated to CLF is 0.23%, a decrease of 13.01%. Total shares owned by institutions increased in the last three months by 6.51% to 376,758K shares. The put/call ratio of CLF is 0.80, indicating a bullish outlook.
What are large shareholders doing?
IJH - iShares Core S&P Mid-Cap ETF holds 15,117K shares representing 2.93% 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 2.29% 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 Declares $0.06 Dividend
On February 18, 2020 the company declared a regular quarterly dividend of $0.06 per share ($0.24 annualized). Shareholders of record as of April 2, 2020 received the payment on April 15, 2020. Previously, the company paid $0.06 per share.
At the current share price of $20.21 / share, the stock's dividend yield is 1.19%. Looking back five years and taking a sample every week, the average dividend yield has been 2.52%, the lowest has been 1.72%, and the highest has been 3.43%. The standard deviation of yields is 0.52 (n=64).
The current dividend yield is 2.55 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.00. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -1.00%.
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 story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
