5 Commodity Stocks to Buy on the Dip

4. Cleveland-Cliffs Inc. (NYSE:CLF)

Number of Hedge Fund Holders: 48

YTD Share Price Decline as of July 8: 28.81%

Cleveland-Cliffs Inc. (NYSE:CLF) produces flat-rolled steel products in North America. On July 6, ​​B. Riley analyst Lucas Pipes reaffirmed a Buy rating on Cleveland-Cliffs Inc. (NYSE:CLF) but lowered the price target on the shares to $39 from $47 ahead of the Q2 results. According to the analyst, inflation pressures still affect industry margins, but Cleveland-Cliffs Inc. (NYSE:CLF) is positioned well despite ongoing concerns of a global economic slowdown due to its “robust relationships with leading North American automakers”. Cleveland-Cliffs Inc. (NYSE:CLF) stock has declined about 29% year to date as of July 8.

Among the hedge funds tracked by Insider Monkey, 48 funds were bullish on Cleveland-Cliffs Inc. (NYSE:CLF) at the end of Q1 2022, with collective stakes worth $1.6 billion, up from 36 the previous quarter worth $952.7 million. Ken Fisher’s Fisher Asset Management featured as the leading shareholder of the company, with more than 11 million shares valued at $356.3 million.