Keith Koci Buys 9,500 Shares of Cleveland-Cliffs Inc. (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Keith Koci acquired 9,500 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.81 per share, with a total value of $102,695.00. Following the purchase, the executive vice president now owns 543,475 shares in the company, valued at approximately $5,874,964.75. The trade was a 1.78 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Cleveland-Cliffs Stock Up 1.0 %

Shares of CLF traded up $0.11 during midday trading on Friday, hitting $10.84. 8,112,791 shares of the company’s stock traded hands, compared to its average volume of 16,600,221. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year high of $22.97. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of -11.19 and a beta of 1.96. 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 firm’s fifty day moving average is $10.31 and its 200-day moving average is $11.66.

Cleveland-Cliffs (NYSE:CLF) last announced 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). The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. As a group, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fairfax Financial Holdings Ltd. Can purchased a new stake in shares of Cleveland-Cliffs in the fourth quarter valued at about $55,453,000. Norges Bank acquired a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $45,381,000. Slate Path Capital LP raised its position in shares of Cleveland-Cliffs by 35.4% during the 4th quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock worth $152,355,000 after acquiring an additional 4,239,000 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Cleveland-Cliffs by 13.7% during the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock worth $330,665,000 after purchasing an additional 3,110,651 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Cleveland-Cliffs by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock valued at $458,267,000 after buying an additional 2,556,332 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CLF shares. 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. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Citigroup lowered their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Morgan Stanley decreased their price target on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.54.

Cleveland-Cliffs Company Profile

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.