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

Cleveland-Cliffs Inc. (NYSE:CLF) Director Jane M. Cronin purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $10.56 per share, with a total value of $105,600.00. Following the completion of the purchase, the director now owns 24,522 shares of the company’s stock, valued at $258,952.32. This trade represents a 68.86 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Cleveland-Cliffs Trading Up 1.0 %

CLF stock traded up $0.11 during mid-day trading on Friday, reaching $10.84. The company’s stock had a trading volume of 8,112,791 shares, compared to its average volume of 16,600,221. The company has a market cap of $5.35 billion, a price-to-earnings ratio of -11.19 and a beta of 1.96. Cleveland-Cliffs Inc. has a 12 month low of $8.99 and a 12 month high of $22.97. 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 business’s 50 day moving average price is $10.31 and its 200 day moving average price is $11.66.

Cleveland-Cliffs (NYSE:CLF) last released 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). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. On average, equities research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CLF shares. Morgan Stanley cut their target price on 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. Citigroup reduced their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. StockNews.com cut shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Glj Research decreased their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus target price of $16.54.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. grew its holdings in Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares in the last quarter. Stonegate Investment Group LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $18,999,000. Janus Henderson Group PLC increased its position in shares of Cleveland-Cliffs by 987.0% during 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 last quarter. Rockefeller Capital Management L.P. bought a new position in Cleveland-Cliffs in the 3rd quarter valued at $22,122,000. Finally, First Dallas Securities Inc. raised 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 worth $2,640,000 after purchasing an additional 45,150 shares during the period. 67.68% of the stock is owned by institutional investors.

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.