Insider Buying: Cleveland-Cliffs (NYSE:CLF) Director Purchases 19,700 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Edilson Camara bought 19,700 shares of the business’s stock in a transaction on Friday, February 13th. The shares were acquired at an average cost of $10.13 per share, for a total transaction of $199,561.00. Following the purchase, the director directly owned 41,983 shares in the company, valued at $425,287.79. This represents a 88.41% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Cleveland-Cliffs Stock Performance

Shares of NYSE CLF traded down $0.11 during midday trading on Friday, reaching $10.66. 22,287,619 shares of the company traded hands, compared to its average volume of 19,318,076. The company has a market cap of $6.08 billion, a price-to-earnings ratio of -3.64 and a beta of 1.93. The stock has a 50-day moving average price of $13.40 and a 200 day moving average price of $12.26. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $16.70. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.95 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 9th. The mining company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.19. The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.60 billion. Cleveland-Cliffs had a negative net margin of 7.91% and a negative return on equity of 18.94%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.68) EPS. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $15.00 price target on shares of Cleveland-Cliffs in a report on Monday. KeyCorp downgraded shares of Cleveland-Cliffs from an “overweight” rating to a “sector weight” rating in a report on Wednesday, January 7th. Morgan Stanley upgraded shares of Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $12.80 to $17.00 in a report on Friday, January 9th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $11.00 to $12.00 in a research report on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $13.89.

Institutional Trading of Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund raised its position in Cleveland-Cliffs by 0.9% during the third quarter. Oregon Public Employees Retirement Fund now owns 99,649 shares of the mining company’s stock valued at $1,216,000 after buying an additional 900 shares during the period. Public Employees Retirement System of Ohio grew its stake in Cleveland-Cliffs by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 152,009 shares of the mining company’s stock valued at $1,855,000 after acquiring an additional 943 shares in the last quarter. Moors & Cabot Inc. increased its holdings in shares of Cleveland-Cliffs by 3.0% in the 3rd quarter. Moors & Cabot Inc. now owns 33,118 shares of the mining company’s stock valued at $404,000 after purchasing an additional 960 shares during the period. Whitcomb & Hess Inc. increased its holdings in shares of Cleveland-Cliffs by 3.8% in the 4th quarter. Whitcomb & Hess Inc. now owns 26,752 shares of the mining company’s stock valued at $357,000 after purchasing an additional 973 shares during the period. Finally, Cidel Asset Management Inc. lifted its position in shares of Cleveland-Cliffs by 6.0% in the fourth quarter. Cidel Asset Management Inc. now owns 18,185 shares of the mining company’s stock worth $242,000 after purchasing an additional 1,037 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.