Cleveland-Cliffs Inc. (NYSE:CLF) Director Purchases $105,600.00 in Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the transaction, the director now owns 24,522 shares of the company’s stock, valued at $258,952.32. The trade was a 68.86 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cleveland-Cliffs Stock Up 0.9 %

NYSE CLF opened at $10.83 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average is $10.31 and its two-hundred day moving average is $11.66. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -11.16 and a beta of 1.96. Cleveland-Cliffs Inc. has a 1-year low of $8.99 and a 1-year high of $22.97.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Cleveland-Cliffs by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after acquiring an additional 2,556,332 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after acquiring an additional 3,110,651 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cleveland-Cliffs by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after acquiring an additional 647,282 shares during the last quarter. Slate Path Capital LP raised its position in Cleveland-Cliffs by 35.4% in the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after purchasing an additional 4,239,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Cleveland-Cliffs by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock worth $79,611,000 after purchasing an additional 264,078 shares during the last quarter. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

CLF has been the topic of a number of recent research reports. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Glj Research decreased their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research report on Thursday. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group initiated coverage on Cleveland-Cliffs in a research report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $16.54.

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.