Celso Goncalves Jr Sells 214,308 Shares of Cleveland-Cliffs (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Celso Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president directly owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Cleveland-Cliffs Stock Down 6.1%

Shares of Cleveland-Cliffs stock traded down $0.89 during trading hours on Friday, reaching $13.55. 16,572,264 shares of the company’s stock were exchanged, compared to its average volume of 18,253,680. The stock has a market cap of $7.73 billion, a P/E ratio of -5.79 and a beta of 2.09. The company has a 50 day moving average of $10.37 and a two-hundred day moving average of $11.49. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs Inc. has a fifty-two week low of $6.72 and a fifty-two week high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the previous year, the business earned ($0.92) earnings per share. Cleveland-Cliffs’s quarterly revenue was up 6.3% on a year-over-year basis. On average, sell-side analysts forecast that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the company. Focus Partners Wealth acquired a new position in Cleveland-Cliffs in the 1st quarter valued at $339,000. Prudential Financial Inc. boosted its position in shares of Cleveland-Cliffs by 27.4% in the second quarter. Prudential Financial Inc. now owns 49,955 shares of the mining company’s stock valued at $380,000 after acquiring an additional 10,733 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Cleveland-Cliffs by 4.4% in the second quarter. Russell Investments Group Ltd. now owns 143,264 shares of the mining company’s stock valued at $1,088,000 after acquiring an additional 6,073 shares in the last quarter. CW Advisors LLC grew its stake in shares of Cleveland-Cliffs by 47.4% in the second quarter. CW Advisors LLC now owns 22,167 shares of the mining company’s stock valued at $168,000 after acquiring an additional 7,127 shares in the last quarter. Finally, Invesco Ltd. increased its position in Cleveland-Cliffs by 20.3% during the second quarter. Invesco Ltd. now owns 3,081,241 shares of the mining company’s stock worth $23,417,000 after acquiring an additional 520,120 shares during the period. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CLF. Morgan Stanley cut their price objective on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Barclays started coverage on shares of Cleveland-Cliffs in a research report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 price objective for the company. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Wells Fargo & Company raised their price objective on Cleveland-Cliffs from $9.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $11.99.

About Cleveland-Cliffs

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.