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Cleveland-Cliffs Slides as Investors Weigh Stelco Uncertainty Ahead of Earnings

Investivoq PriceTracker

Cleveland-Cliffs (CLF) is down 3.5% today. Here is some analysis on what might have caused this price movement.

Analysis: The drop appears tied to a mix of trade-policy uncertainty and lingering concern around Stelco, the company’s Canadian business, as investors head into next week’s earnings report. This could be because CLF has been seen as a beneficiary of U.S. steel protection, but that same tariff backdrop has also complicated the outlook for its Canadian operations.

Details:

  • Cleveland-Cliffs is scheduled to report third-quarter 2026 results on October 19, which can pressure shares as investors reduce risk before a key update.
  • In its second-quarter release, the company projected third-quarter adjusted EBITDA of about $575 million and said second-half earnings should be its strongest since 2021, setting a high bar for execution.
  • The company recently spotlighted management commentary about a business decision tied to Stelco’s galvanized steel operation, suggesting that issue remains important to the market’s view of CLF.
  • Canada’s 2024 approval of the Stelco acquisition included five-year commitments on employment, operations, and investment, so any disruption around Stelco can add another layer of investor concern.

    • Sources:

    Cleveland-Cliffs, Yahoo Finance, Canada.ca

    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 Insider Trades

    $CLF insiders have traded $CLF stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

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

    • CELSO L JR GONCALVES (EVP, CFO) sold 214,308 shares for an estimated $2,874,641

    To track insider transactions, check out Investivoq's insider trading dashboard. You can access data on insider stock transactions through the Investivoq API insider transaction endpoint.

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    $CLF Hedge Fund Activity

    We have seen 261 institutional investors add shares of $CLF stock to their portfolio, and 264 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • MAPLE ROCK CAPITAL PARTNERS INC. removed 17,662,400 shares (-85.1%) from their portfolio in Q2 2026, for an estimated $165,849,936
    • SLATE PATH CAPITAL LP added 9,166,100 shares (+47.6%) to their portfolio in Q2 2026, for an estimated $86,069,679
    • SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 7,897,840 shares (+inf%) to their portfolio in Q2 2026, for an estimated $74,160,717
    • TURIYA ADVISORS ASIA LTD removed 7,655,711 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $71,887,126
    • POINTSTATE CAPITAL LP added 6,582,026 shares (+inf%) to their portfolio in Q2 2026, for an estimated $61,805,224
    • AVALA GLOBAL LP added 6,211,390 shares (+inf%) to their portfolio in Q2 2026, for an estimated $58,324,952
    • ENCOMPASS CAPITAL ADVISORS LLC added 5,113,625 shares (+inf%) to their portfolio in Q2 2026, for an estimated $48,016,938

    To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

    $CLF Price Targets

    Multiple analysts have issued price targets for $CLF recently. We have seen 7 analysts offer price targets for $CLF in the last 6 months, with a median target of $11.5.

    Here are some recent targets:

    • Timna Tanners from Wells Fargo set a target price of $9.0 on 07/09/2026
    • Lawson Winder from B of A Securities set a target price of $11.5 on 07/09/2026
    • Alexander Hacking from Citigroup set a target price of $10.0 on 07/07/2026
    • Carlos De Alba from Morgan Stanley set a target price of $12.5 on 06/22/2026
    • Bill Peterson from JP Morgan set a target price of $13.0 on 06/10/2026
    • Gordon L. Johnson from GLJ Research set a target price of $15.01 on 06/09/2026
    • Richard Garchitorena from Barclays set a target price of $9.0 on 05/22/2026

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