Insider Buying: Cleveland-Cliffs Inc. (NYSE:CLF) EVP Buys 9,500 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Keith Koci acquired 9,500 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. This represents a 1.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded up $0.11 during trading hours on Friday, reaching $10.84. 8,112,791 shares of the company were exchanged, compared to its average volume of 16,600,221. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a fifty-two week low of $8.99 and a fifty-two week high of $22.97. The company has a market cap of $5.35 billion, a price-to-earnings ratio of -11.19 and a beta of 1.96. The stock’s fifty day moving average is $10.31 and its two-hundred day moving average is $11.66.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CLF shares. Glj Research cut their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday. The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price objective on the stock. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup reduced their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.54.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the company. Strengthening Families & Communities LLC lifted its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares during the period. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs during the 4th quarter worth approximately $25,000. Darwin Wealth Management LLC acquired a new stake in shares of Cleveland-Cliffs in the third quarter valued at about $34,000. Truvestments Capital LLC bought a new position in Cleveland-Cliffs during the third quarter worth $34,000. Finally, Blue Trust Inc. grew its stake in Cleveland-Cliffs by 231.9% during the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after purchasing an additional 2,539 shares during the period. Institutional investors own 67.68% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.