Insider Selling: Cleveland-Cliffs Inc. (NYSE:CLF) Director Sells 1,554 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Ron A. Bloom sold 1,554 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $11.77, for a total value of $18,290.58. Following the sale, the director now owns 64,024 shares of the company’s stock, valued at $753,562.48. This represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $12.46 on Friday. The company has a 50 day simple moving average of $12.64 and a two-hundred day simple moving average of $14.08. Cleveland-Cliffs Inc. has a fifty-two week low of $10.21 and a fifty-two week high of $22.97. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97. 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 posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.02). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same period last year, the business earned $0.54 EPS. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. Analysts expect that Cleveland-Cliffs Inc. will post -0.4 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CLF. Seaport Res Ptn raised Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th. StockNews.com cut Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley lowered their price target on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $17.56.

Hedge Funds Weigh In On Cleveland-Cliffs

A number of hedge funds have recently bought and sold shares of the company. Strengthening Families & Communities LLC raised its holdings in Cleveland-Cliffs by 299.8% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after buying an additional 1,490 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in Cleveland-Cliffs in the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs in the 2nd quarter valued at approximately $31,000. Gradient Investments LLC boosted its stake in Cleveland-Cliffs by 138.8% during the 2nd quarter. Gradient Investments LLC now owns 2,149 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,249 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new stake in shares of Cleveland-Cliffs in the 3rd quarter worth $34,000. 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.