Insider Buying: Cleveland-Cliffs (NYSE:CLF) Director Buys 19,700 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Edilson Camara acquired 19,700 shares of the company’s stock in a transaction dated Friday, February 13th. The stock was acquired at an average cost of $10.13 per share, with a total value of $199,561.00. Following the transaction, the director directly owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. This represents a 88.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Cleveland-Cliffs Stock Down 1.0%

Cleveland-Cliffs stock traded down $0.11 during trading on Friday, reaching $10.66. 22,287,619 shares of the company’s stock were exchanged, compared to its average volume of 19,318,076. Cleveland-Cliffs Inc. has a 52-week low of $5.63 and a 52-week high of $16.70. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of -3.64 and a beta of 1.93. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.61 and a current ratio of 1.95. The company’s 50-day moving average is $13.40 and its two-hundred day moving average is $12.26.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, February 9th. The mining company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.19. Cleveland-Cliffs had a negative return on equity of 18.94% and a negative net margin of 7.91%.The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.60 billion. During the same quarter in the previous year, the firm posted ($0.68) earnings per share. The firm’s quarterly revenue was down .3% on a year-over-year basis. On average, analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds have recently added to or reduced their stakes in CLF. Vanguard Group Inc. lifted its holdings in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after purchasing an additional 6,447,462 shares during the last quarter. State Street Corp lifted its position in Cleveland-Cliffs by 14.2% in the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock valued at $388,814,000 after purchasing an additional 3,632,150 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cleveland-Cliffs by 14.7% during the 4th quarter. Geode Capital Management LLC now owns 10,039,851 shares of the mining company’s stock valued at $133,372,000 after purchasing an additional 1,286,042 shares during the period. Maple Rock Capital Partners Inc. acquired a new position in Cleveland-Cliffs during the 2nd quarter valued at about $63,731,000. Finally, Citigroup Inc. grew its position in Cleveland-Cliffs by 17.5% in the 3rd quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock worth $97,733,000 after purchasing an additional 1,195,035 shares during the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CLF shares. Citigroup lifted their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday. The Goldman Sachs Group reaffirmed a “buy” rating and set a $15.00 price target on shares of Cleveland-Cliffs in a report on Monday. Glj Research cut their price objective on shares of Cleveland-Cliffs from $9.52 to $9.42 and set a “sell” rating on the stock in a report on Tuesday. Morgan Stanley upgraded Cleveland-Cliffs from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $12.80 to $17.00 in a research note on Friday, January 9th. Finally, Bank of America upped their target price on Cleveland-Cliffs from $12.50 to $14.50 and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.89.

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.