Cleveland-Cliffs Inc. (NYSE:CLF) Director Purchases $105,600.00 in Stock

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) Director Jane M. Cronin bought 10,000 shares of the stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $105,600.00. Following the completion of the purchase, the director now directly owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cleveland-Cliffs Trading Down 6.0 %

Shares of CLF traded down $0.61 during trading hours on Tuesday, hitting $9.49. The company had a trading volume of 26,673,148 shares, compared to its average volume of 17,169,986. The firm has a market cap of $4.69 billion, a P/E ratio of -9.78 and a beta of 1.96. Cleveland-Cliffs Inc. has a 52-week low of $8.99 and a 52-week high of $22.97. The stock's 50 day moving average price is $10.35 and its 200 day moving average price is $11.61. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.46 billion. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CLF. Blue Trust Inc. grew its holdings in shares of Cleveland-Cliffs by 231.9% in the third quarter. Blue Trust Inc. now owns 3,634 shares of the mining company's stock worth $46,000 after acquiring an additional 2,539 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Cleveland-Cliffs by 16.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,612 shares of the mining company's stock worth $161,000 after purchasing an additional 1,810 shares during the period. PFG Investments LLC boosted its holdings in shares of Cleveland-Cliffs by 15.2% in the third quarter. PFG Investments LLC now owns 17,985 shares of the mining company's stock worth $230,000 after buying an additional 2,370 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in Cleveland-Cliffs by 3.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 40,408 shares of the mining company's stock valued at $515,000 after buying an additional 1,237 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in Cleveland-Cliffs by 5.1% during the third quarter. State of Alaska Department of Revenue now owns 54,370 shares of the mining company's stock valued at $694,000 after buying an additional 2,660 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

Wall Street Analysts Forecast Growth

CLF has been the topic of a number of research analyst reports. Morgan Stanley decreased their target price on Cleveland-Cliffs from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. StockNews.com downgraded shares of Cleveland-Cliffs from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Citigroup cut their price target on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Glj Research decreased their price target on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a "buy" rating on the stock in a report on Thursday, February 27th. Finally, B. Riley reaffirmed a "buy" rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Cleveland-Cliffs currently has a consensus rating of "Hold" and an average price target of $16.43.

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.