Cleveland-Cliffs (NYSE:CLF) EVP Celso Goncalves, Jr. Sells 214,308 Shares

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Celso Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the sale, the executive vice president directly owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cleveland-Cliffs Trading Down 6.1%

CLF stock opened at $13.55 on Friday. The business has a fifty day moving average price of $10.47 and a 200 day moving average price of $11.51. Cleveland-Cliffs Inc. has a fifty-two week low of $6.72 and a fifty-two week high of $16.70. The stock has a market capitalization of $7.73 billion, a price-to-earnings ratio of -5.79 and a beta of 2.09. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The firm had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.84 billion. During the same period last year, the firm posted ($0.92) EPS. The business’s revenue was up 6.3% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CLF shares. JPMorgan Chase & Co. dropped their price target on Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. Morgan Stanley dropped their price target on Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. KeyCorp started coverage on Cleveland-Cliffs in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 price target on shares of Cleveland-Cliffs in a report on Friday, May 1st. Finally, Argus raised Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $11.99.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new position in Cleveland-Cliffs in the 4th quarter valued at $25,000. IFP Advisors Inc boosted its position in Cleveland-Cliffs by 117.5% in the 4th quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after buying an additional 1,200 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Cleveland-Cliffs by 306.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after buying an additional 1,855 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Cleveland-Cliffs by 94.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after buying an additional 1,214 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in Cleveland-Cliffs by 819.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after buying an additional 2,392 shares during the last quarter. 67.68% of the stock is currently owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.