Cleveland-Cliffs Inc (NYSE:CLF) Director Purchases $65,430.00 in Stock

Cleveland-Cliffs Inc (NYSE:CLF) Director John T. Baldwin acquired 9,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was purchased at an average cost of $7.27 per share, for a total transaction of $65,430.00. Following the completion of the acquisition, the director now directly owns 123,727 shares of the company’s stock, valued at approximately $899,495.29. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of CLF traded down $0.21 during mid-day trading on Friday, reaching $7.26. The company had a trading volume of 8,491,554 shares, compared to its average volume of 10,204,879. Cleveland-Cliffs Inc has a 52-week low of $6.64 and a 52-week high of $13.10. The company has a quick ratio of 1.81, a current ratio of 2.56 and a debt-to-equity ratio of 7.37. The stock has a market capitalization of $1.97 billion, a P/E ratio of 3.41 and a beta of 2.15. The stock has a 50 day moving average of $9.03 and a two-hundred day moving average of $9.82.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Friday, July 19th. The mining company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. Cleveland-Cliffs had a return on equity of 238.16% and a net margin of 50.72%. The firm had revenue of $697.40 million for the quarter, compared to the consensus estimate of $624.23 million. During the same quarter in the prior year, the business earned $0.55 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts expect that Cleveland-Cliffs Inc will post 1.7 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, October 4th will be paid a $0.06 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.31%. Cleveland-Cliffs’s payout ratio is 11.27%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Fisher Asset Management LLC boosted its stake in shares of Cleveland-Cliffs by 4.6% in the second quarter. Fisher Asset Management LLC now owns 12,872,970 shares of the mining company’s stock worth $137,355,000 after buying an additional 565,102 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 9.3% in the fourth quarter. Geode Capital Management LLC now owns 3,148,509 shares of the mining company’s stock worth $24,212,000 after buying an additional 267,622 shares during the last quarter. LSV Asset Management boosted its stake in shares of Cleveland-Cliffs by 7,324.1% in the second quarter. LSV Asset Management now owns 2,939,928 shares of the mining company’s stock worth $31,369,000 after buying an additional 2,900,328 shares during the last quarter. AJO LP purchased a new stake in shares of Cleveland-Cliffs in the first quarter worth about $28,321,000. Finally, Neuberger Berman Group LLC boosted its stake in shares of Cleveland-Cliffs by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 2,602,952 shares of the mining company’s stock worth $25,994,000 after buying an additional 28,507 shares during the last quarter. Hedge funds and other institutional investors own 82.43% of the company’s stock.

A number of brokerages have recently weighed in on CLF. Citigroup cut their price objective on Cleveland-Cliffs from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday. Cowen set a $10.00 price objective on Cleveland-Cliffs and gave the company a “hold” rating in a report on Thursday, August 22nd. Finally, ValuEngine lowered Cleveland-Cliffs from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Cleveland-Cliffs presently has a consensus rating of “Hold” and an average target price of $11.78.

About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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