Cleveland-Cliffs (NYSE:CLF) Stock Jumps 6.4% Following Insider Buying Activity

Cleveland-Cliffs Inc. (NYSE:CLF)’s share price rose 6.4% during trading on Friday after an insider bought additional shares in the company. The stock traded as high as $13.90 and last traded at $13.8850. 5,480,663 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 19,083,586 shares. The stock had previously closed at $13.05.

Specifically, Director Edilson Camara acquired 7,400 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, October 22nd. The stock was acquired at an average price of $13.49 per share, with a total value of $99,826.00. Following the purchase, the director owned 64,717 shares in the company, valued at approximately $873,032.33. This trade represents a 12.91% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CLF shares. Glj Research lifted their price target on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the company a “buy” rating in a research report on Monday, September 21st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $13.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday. Barclays boosted their target price on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Thursday. B. Riley Financial upped their price target on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Finally, Citigroup reaffirmed a “positive” rating on shares of Cleveland-Cliffs in a research report on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.82.

Cleveland-Cliffs Stock Performance

The firm’s fifty day moving average price is $12.13 and its 200-day moving average price is $11.40. The company has a market cap of $7.95 billion, a P/E ratio of -16.28, a P/E/G ratio of 5.34 and a beta of 2.09. The company has a current ratio of 1.87, a quick ratio of 0.63 and a debt-to-equity ratio of 1.28.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.69 billion. During the same period last year, the business earned ($0.51) earnings per share. The firm’s revenue for the quarter was up 18.5% compared to the same quarter last year. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post 0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. lifted its holdings in shares of Cleveland-Cliffs by 95.4% during the 1st quarter. Sei Investments Co. now owns 302,972 shares of the mining company’s stock worth $2,560,000 after acquiring an additional 147,899 shares during the period. Quantinno Capital Management LP raised its position in Cleveland-Cliffs by 68.0% in the 1st quarter. Quantinno Capital Management LP now owns 212,522 shares of the mining company’s stock valued at $1,796,000 after purchasing an additional 86,036 shares during the last quarter. SFE Investment Counsel acquired a new position in Cleveland-Cliffs during the 2nd quarter worth about $8,562,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cleveland-Cliffs during the second quarter worth approximately $505,000. Finally, California State Teachers Retirement System increased its stake in shares of Cleveland-Cliffs by 23.0% in the 1st quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after buying an additional 123,660 shares during the period. 67.68% of the stock is owned by institutional investors.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.