Cleveland-Cliffs slips as recent share offering and deal-timeline uncertainty weigh on sentiment

Cleveland-Cliffs (CLF) is down 5.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to lingering dilution and price-pressure after Cleveland-Cliffs priced a large common-stock offering at a discount, which can anchor trading near the deal price as the new shares digest. Ongoing uncertainty around timing/realization of the company’s planned POSCO partnership may also be adding to caution after a volatile earnings season for steel names.

Details:

Cleveland-Cliffs priced an underwritten public offering of 75,000,000 common shares for expected gross proceeds of about $964 million, before discounts and expenses.

The company indicated it planned to use offering proceeds primarily for balance-sheet and general corporate purposes, including paying down borrowings under its asset-based credit facility.

The offering included an option for the underwriter to purchase up to an additional 11,250,000 shares, which can extend the perceived supply overhang.

On the strategic front, the company has been working toward a broader partnership framework with POSCO, but timing around translating an MoU into a definitive agreement has been a market focus.

Sources:

Cleveland-Cliffs (Investor Relations), IndustryWeek, SEC (POSCO Holdings 6-K)

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$CLF Insider Trading Activity

$CLF insiders have traded $CLF stock on the open market 3 times in the past 6 months. Of those trades, 1 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $CLF stock by insiders over the last 6 months:

LOURENCO GONCALVES (Chairman, President & CEO) sold 3,000,000 shares for an estimated $37,257,300
CLIFFORD T SMITH (EVP & Chief Operating Officer) sold 200,000 shares for an estimated $2,092,080
EDILSON CAMARA purchased 19,700 shares for an estimated $199,626

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$CLF Hedge Fund Activity

We have seen 288 institutional investors add shares of $CLF stock to their portfolio, and 292 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

CASTLE HOOK PARTNERS LP added 15,393,507 shares (+572.4%) to their portfolio in Q4 2025, for an estimated $204,425,772
JANE STREET GROUP, LLC added 7,896,522 shares (+671.7%) to their portfolio in Q4 2025, for an estimated $104,865,812
D. E. SHAW & CO., INC. added 7,696,432 shares (+264.6%) to their portfolio in Q4 2025, for an estimated $102,208,616
TURIYA ADVISORS ASIA LTD added 7,250,000 shares (+inf%) to their portfolio in Q4 2025, for an estimated $96,280,000
VANGUARD GROUP INC added 6,447,462 shares (+13.4%) to their portfolio in Q4 2025, for an estimated $85,622,295
MAPLE ROCK CAPITAL PARTNERS INC. added 5,855,830 shares (+90.1%) to their portfolio in Q4 2025, for an estimated $77,765,422
BLACKROCK, INC. added 5,469,342 shares (+11.4%) to their portfolio in Q4 2025, for an estimated $72,632,861

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$CLF Analyst Ratings

Wall Street analysts have issued reports on $CLF in the last several months. We have seen 1 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Goldman Sachs issued a "Buy" rating on 10/31/2025
GLJ Research issued a "Sell" rating on 10/21/2025

To track analyst ratings and price targets for $CLF, check out Quiver Quantitative's $CLF forecast page.

$CLF Price Targets

Multiple analysts have issued price targets for $CLF recently. We have seen 8 analysts offer price targets for $CLF in the last 6 months, with a median target of $13.0.

Here are some recent targets:

Gordon L. Johnson from GLJ Research set a target price of $9.42 on 02/10/2026
Alexander Hacking from Citigroup set a target price of $13.0 on 02/10/2026
Carlos De Alba from Morgan Stanley set a target price of $17.0 on 01/09/2026
Timna Tanners from Wells Fargo set a target price of $12.0 on 11/14/2025
Philip Gibbs from Keybanc set a target price of $13.0 on 11/10/2025
Mike Harris from Goldman Sachs set a target price of $16.0 on 10/31/2025
Lawson Winder from B of A Securities set a target price of $14.5 on 10/21/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.