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

Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin purchased 4,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, with a total value of $34,800.00. Following the purchase, the director now owns 133,227 shares of the company’s stock, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.80 on Thursday. The company has a 50-day moving average of $10.37 and a two-hundred day moving average of $11.47. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of -10.10 and a beta of 1.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. Cleveland-Cliffs Inc. has a one year low of $8.50 and a one year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last posted 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). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. On average, equities research analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CLF shares. Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group decreased their price target on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, February 4th. Morgan Stanley decreased their target price on 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. Finally, Citigroup decreased their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $16.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Jefferies Financial Group Inc. grew its stake in Cleveland-Cliffs by 1,151.4% during the 4th quarter. Jefferies Financial Group Inc. now owns 150,037 shares of the mining company’s stock valued at $1,410,000 after acquiring an additional 138,047 shares in the last quarter. Pinnacle Wealth Planning Services Inc. acquired a new position in Cleveland-Cliffs in the 4th quarter worth about $407,000. Toronto Dominion Bank increased its position in Cleveland-Cliffs by 9,170.9% in 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in 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 purchasing an additional 242,386 shares during the last quarter. Finally, Wexford Capital LP boosted its stake in shares of Cleveland-Cliffs by 1,212.0% during the 4th quarter. Wexford Capital LP now owns 1,018,950 shares of the mining company’s stock worth $9,578,000 after acquiring an additional 941,284 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.