Insider Buying: Cleveland-Cliffs Inc. (NYSE:CLF) Director Buys 4,000 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin bought 4,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the completion of the transaction, the director now owns 133,227 shares in the company, valued at approximately $1,159,074.90. This trade represents a 3.10 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cleveland-Cliffs Trading Down 11.3 %

Shares of CLF traded down $1.11 during mid-day trading on Monday, reaching $8.71. 35,196,941 shares of the company were exchanged, compared to its average volume of 17,805,797. The stock has a market capitalization of $4.30 billion, a PE ratio of -8.97 and a beta of 1.94. The business has a 50 day simple moving average of $10.39 and a two-hundred day simple moving average of $11.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85. Cleveland-Cliffs Inc. has a 52 week low of $8.51 and a 52 week high of $22.97.

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 analysts’ consensus estimates of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during 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%. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jefferies Financial Group Inc. grew its position in Cleveland-Cliffs by 1,151.4% in the 4th quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company’s stock worth $1,410,000 after purchasing an additional 138,047 shares in the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $407,000. Toronto Dominion Bank raised its stake in shares of Cleveland-Cliffs by 9,170.9% during the 4th quarter. Toronto Dominion Bank now owns 69,995 shares of the mining company’s stock worth $658,000 after purchasing an additional 69,240 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cleveland-Cliffs by 22.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,298,868 shares of the mining company’s stock worth $12,209,000 after buying an additional 242,386 shares during the last quarter. Finally, Wexford Capital LP increased its holdings in Cleveland-Cliffs by 1,212.0% during the fourth quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company’s stock worth $9,578,000 after buying an additional 941,284 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Glj Research dropped their target price on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Morgan Stanley lowered their price objective 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. Finally, Citigroup cut their target price on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Two 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.43.

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.