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 on Wednesday, November 20th. The stock was 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 in the company, valued at approximately $753,562.48. This represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Cleveland-Cliffs Price Performance

CLF stock traded up $0.59 during mid-day trading on Friday, hitting $12.48. 12,357,630 shares of the stock were exchanged, compared to its average volume of 10,335,740. The business has a fifty day moving average price of $12.63 and a 200 day moving average price of $14.14. Cleveland-Cliffs Inc. has a 12 month low of $10.21 and a 12 month high of $22.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 0.55. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results 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). The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. On average, sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.4 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Altshuler Shaham Ltd bought a new position in shares of Cleveland-Cliffs during the second quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its position in shares of Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock worth $43,000 after buying an additional 1,343 shares during the last quarter. Strengthening Families & Communities LLC increased its position in Cleveland-Cliffs by 299.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,490 shares during the period. LRI Investments LLC bought a new position in Cleveland-Cliffs in the 1st quarter worth $45,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Cleveland-Cliffs during the 2nd quarter valued at about $31,000. Institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CLF shares. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup decreased their price target on shares of Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, Morgan Stanley dropped their price objective on Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cleveland-Cliffs has a consensus rating of “Hold” and an average target price of $17.56.

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.