Jane M. Cronin Acquires 10,000 Shares of Cleveland-Cliffs Inc. (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares of the company’s stock, valued at approximately $258,952.32. This trade represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Cleveland-Cliffs Price Performance

CLF traded up $0.11 during midday trading on Friday, hitting $10.84. The stock had a trading volume of 8,112,791 shares, compared to its average volume of 16,600,221. 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 1 year low of $8.99 and a 1 year high of $22.97. The business has a fifty day moving average of $10.31 and a 200 day moving average of $11.66. The company has a market cap of $5.35 billion, a P/E ratio of -11.19 and a beta of 1.96.

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

Hedge Funds Weigh In On Cleveland-Cliffs

Several large investors have recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in Cleveland-Cliffs by 105.6% during the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after purchasing an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC purchased a new stake in Cleveland-Cliffs during the fourth quarter valued at $18,999,000. Janus Henderson Group PLC lifted its holdings in Cleveland-Cliffs by 987.0% in the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock valued at $2,644,000 after acquiring an additional 187,957 shares during the period. Rockefeller Capital Management L.P. purchased a new position in Cleveland-Cliffs in the third quarter worth about $22,122,000. Finally, First Dallas Securities Inc. grew its stake in shares of Cleveland-Cliffs by 27.9% during the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after purchasing an additional 45,150 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CLF. Citigroup dropped their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Glj Research dropped their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday. The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price on the stock. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Finally, Morgan Stanley decreased their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Three analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently 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.