Keith Koci Acquires 9,500 Shares of Cleveland-Cliffs Inc. (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Keith Koci bought 9,500 shares of Cleveland-Cliffs stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $10.81 per share, with a total value of $102,695.00. Following the completion of the transaction, the executive vice president now directly owns 543,475 shares in the company, valued at approximately $5,874,964.75. This trade represents a 1.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $10.83 on Friday. Cleveland-Cliffs Inc. has a 1 year low of $8.99 and a 1 year 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 $5.35 billion, a PE ratio of -11.16 and a beta of 1.96. The company’s 50 day simple moving average is $10.34 and its two-hundred day simple moving average is $11.64.

Cleveland-Cliffs (NYSE:CLF) last posted its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $4.33 billion during 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 fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CLF. B. Riley reissued a “buy” rating on shares of Cleveland-Cliffs in a research report on Tuesday, February 4th. Glj Research cut their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday. Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group began coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price objective for the company. 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 assigned a strong buy rating to the company. According to data from MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Hold” and a consensus price target of $16.54.

Institutional Trading of Cleveland-Cliffs

Institutional investors and hedge funds have recently bought and sold shares of the company. Strengthening Families & Communities LLC raised its position in shares of 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 buying an additional 1,490 shares in the last quarter. Pinpoint Asset Management Ltd purchased a new stake in shares of Cleveland-Cliffs during the 4th quarter valued at $25,000. Darwin Wealth Management LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Truvestments Capital LLC purchased a new stake in shares of Cleveland-Cliffs during the 3rd quarter valued at $34,000. Finally, Blue Trust Inc. raised its position in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock valued at $46,000 after buying an additional 2,539 shares in the last quarter. 67.68% of the stock is currently owned by hedge funds and other institutional investors.

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.