Insider Buying: Cleveland-Cliffs Inc. (NYSE:CLF) Director Buys $34,800.00 in Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin purchased 4,000 shares of Cleveland-Cliffs stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $9.80 on Thursday. The business’s 50 day moving average is $10.37 and its two-hundred day moving average is $11.47. Cleveland-Cliffs Inc. has a 52-week low of $8.50 and a 52-week high of $22.97. The firm 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 quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion for 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%. Analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleveland-Cliffs

Several institutional investors and hedge funds have recently made changes to their positions in CLF. Strengthening Families & Communities LLC increased its position in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the period. Pinpoint Asset Management Ltd acquired a new stake in Cleveland-Cliffs in the fourth quarter worth $25,000. Truvestments Capital LLC acquired a new stake in Cleveland-Cliffs in the third quarter worth $34,000. Darwin Wealth Management LLC acquired a new stake in Cleveland-Cliffs in the third quarter worth $34,000. Finally, Estabrook Capital Management increased its position in Cleveland-Cliffs by 207.7% in the fourth quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after buying an additional 2,700 shares during the period. 67.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Morgan Stanley decreased their target price on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Glj Research cut 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. Citigroup cut their price target 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. Finally, The Goldman Sachs Group cut their target price on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $16.43.

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.