Insider Buying: Cleveland-Cliffs (NYSE:CLF) Director Acquires $99,826.00 in Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director Edilson Camara bought 7,400 shares of the business’s stock in a transaction on Thursday, October 22nd. The stock was purchased at an average cost of $13.49 per share, for a total transaction of $99,826.00. Following the transaction, the director owned 64,717 shares of the company’s stock, valued at $873,032.33. This trade represents a 12.91% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cleveland-Cliffs Trading Up 6.1%

Shares of CLF traded up $0.80 during midday trading on Friday, hitting $13.85. 5,151,085 shares of the stock were exchanged, compared to its average volume of 19,077,395. Cleveland-Cliffs Inc. has a 52-week low of $7.73 and a 52-week high of $15.35. The stock has a fifty day simple moving average of $12.13 and a 200 day simple moving average of $11.40. The firm has a market cap of $7.90 billion, a P/E ratio of -16.31, a P/E/G ratio of 5.34 and a beta of 2.09. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.63 and a current ratio of 1.87.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.69 billion. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The company’s revenue was up 18.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.51) earnings per share. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post 0.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday. Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a report on Friday, July 24th. Barclays upped their target price on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Thursday. Bank of America reduced their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Finally, B. Riley Financial raised their price target on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.82.

Institutional Investors Weigh In On Cleveland-Cliffs

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Cleveland-Cliffs in the 2nd quarter valued at about $522,766,000. Dimensional Fund Advisors LP increased its stake in shares of Cleveland-Cliffs by 6.4% during the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock worth $130,873,000 after buying an additional 925,031 shares during the period. PointState Capital LP purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $61,805,000. Avala Global LP purchased a new stake in shares of Cleveland-Cliffs during the second quarter worth approximately $58,325,000. Finally, Assenagon Asset Management S.A. raised its holdings in Cleveland-Cliffs by 208.2% in the second quarter. Assenagon Asset Management S.A. now owns 6,021,829 shares of the mining company’s stock valued at $56,545,000 after acquiring an additional 4,067,994 shares in the last quarter. Institutional investors and hedge funds own 67.68% of the company’s stock.

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.