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

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Keith Koci purchased 9,500 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $10.81 per share, for a total transaction of $102,695.00. Following the completion of the acquisition, the executive vice president now directly owns 543,475 shares of the company’s stock, valued at $5,874,964.75. This represents a 1.78 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $10.83 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. The stock has a market cap of $5.35 billion, a P/E ratio of -11.16 and a beta of 1.96. The company has a 50-day moving average price of $10.31 and a 200 day moving average price of $11.66. Cleveland-Cliffs Inc. has a 12-month low of $8.99 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Cleveland-Cliffs by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 48,751,789 shares of the mining company’s stock worth $458,267,000 after buying an additional 2,556,332 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Cleveland-Cliffs by 13.7% in the third quarter. Pacer Advisors Inc. now owns 25,893,879 shares of the mining company’s stock valued at $330,665,000 after purchasing an additional 3,110,651 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Cleveland-Cliffs by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 21,247,426 shares of the mining company’s stock valued at $199,724,000 after purchasing an additional 647,282 shares during the period. Slate Path Capital LP boosted its stake in shares of Cleveland-Cliffs by 35.4% in the fourth quarter. Slate Path Capital LP now owns 16,208,000 shares of the mining company’s stock valued at $152,355,000 after purchasing an additional 4,239,000 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Cleveland-Cliffs by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 8,466,747 shares of the mining company’s stock valued at $79,611,000 after purchasing an additional 264,078 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CLF shares. The Goldman Sachs Group assumed coverage on shares of Cleveland-Cliffs in a report on Monday, December 2nd. They set a “buy” rating and a $16.00 price target on the stock. Citigroup decreased their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Glj Research decreased their price objective on shares of Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a report on Thursday. Finally, B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $16.54.

Cleveland-Cliffs Company Profile

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.