Cleveland-Cliffs Inc. (NYSE:CLF) Director Buys $105,600.00 in Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Jane M. Cronin purchased 10,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the acquisition, the director now directly 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 document filed with the SEC, which is available at the SEC website.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $10.83 on Friday. The business’s fifty day simple moving average is $10.34 and its 200-day simple moving average is $11.64. The company has a market cap of $5.35 billion, a PE ratio of -11.16 and a beta of 1.96. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (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 for the quarter, compared to analyst estimates of $4.46 billion. Analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. increased its position in shares of Cleveland-Cliffs by 105.6% in the 3rd quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock valued at $3,429,000 after acquiring an additional 134,939 shares during the period. Stonegate Investment Group LLC acquired a new position in shares of Cleveland-Cliffs in the 4th quarter valued at $18,999,000. Janus Henderson Group PLC increased its position in shares of Cleveland-Cliffs by 987.0% in the 3rd 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. acquired a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at $22,122,000. Finally, First Dallas Securities Inc. increased its position in shares of Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock valued at $2,640,000 after acquiring an additional 45,150 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 company. Citigroup lowered their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. StockNews.com lowered Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 target price for the company. Glj Research lowered their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday. Finally, B. Riley restated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cleveland-Cliffs has a consensus rating of “Hold” and an average price target 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.