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

Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $8.70 per share, for a total transaction of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares of the company’s stock, valued at $1,159,074.90. The trade was a 3.10 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Cleveland-Cliffs Stock Performance

Shares of CLF stock opened at $9.02 on Wednesday. The stock’s 50-day moving average is $10.37 and its two-hundred day moving average is $11.47. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of -9.29 and a beta of 1.94. Cleveland-Cliffs Inc. has a 1 year low of $8.50 and a 1 year high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last released 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 company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Analysts predict that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on CLF. Morgan Stanley dropped their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Finally, Glj Research dropped their target price on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cleveland-Cliffs has an average rating of “Hold” and a consensus price target of $16.43.

Hedge Funds Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in shares of Cleveland-Cliffs by 20.1% during the fourth quarter. Bank of New York Mellon Corp now owns 7,382,769 shares of the mining company’s stock worth $69,398,000 after buying an additional 1,236,247 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Cleveland-Cliffs by 105.6% during the third quarter. Franklin Resources Inc. now owns 262,771 shares of the mining company’s stock worth $3,429,000 after buying an additional 134,939 shares during the last quarter. Stonegate Investment Group LLC purchased a new position in shares of Cleveland-Cliffs during the fourth quarter worth about $18,999,000. Janus Henderson Group PLC grew its holdings in shares of Cleveland-Cliffs by 987.0% during the third quarter. Janus Henderson Group PLC now owns 207,000 shares of the mining company’s stock worth $2,644,000 after buying an additional 187,957 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Cleveland-Cliffs during the third quarter worth about $22,122,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.

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.