Insider Selling: Cleveland-Cliffs Inc. (NYSE:CLF) Director Sells 28,150 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) Director Douglas C. Taylor sold 28,150 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $23.12, for a total value of $650,828.00. Following the completion of the sale, the director now owns 156,974 shares in the company, valued at $3,629,238.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Shares of Cleveland-Cliffs stock traded down $1.41 during trading on Wednesday, hitting $22.50. 17,477,997 shares of the stock traded hands, compared to its average volume of 21,628,596. The firm has a market cap of $11.81 billion, a P/E ratio of 3.29 and a beta of 2.17. The company has a current ratio of 2.28, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76. Cleveland-Cliffs Inc. has a 52-week low of $15.81 and a 52-week high of $34.04. The stock’s fifty day simple moving average is $26.45 and its 200 day simple moving average is $23.53.

Cleveland-Cliffs (NYSE:CLFGet Rating) last issued its quarterly earnings data on Friday, April 22nd. The mining company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.27. Cleveland-Cliffs had a return on equity of 78.74% and a net margin of 16.77%. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the company earned $0.35 earnings per share. The firm’s revenue for the quarter was up 47.1% compared to the same quarter last year. As a group, equities analysts expect that Cleveland-Cliffs Inc. will post 5.88 EPS for the current year.

A number of research firms have weighed in on CLF. StockNews.com began coverage on Cleveland-Cliffs in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. JPMorgan Chase & Co. increased their target price on Cleveland-Cliffs from $37.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 24th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research note on Tuesday, March 1st. Credit Suisse Group increased their target price on Cleveland-Cliffs from $34.00 to $37.00 in a research note on Tuesday, April 19th. Finally, B. Riley increased their target price on Cleveland-Cliffs from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, April 25th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cleveland-Cliffs presently has a consensus rating of “Buy” and an average price target of $31.09.

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 5.4% during the first quarter. Vanguard Group Inc. now owns 44,506,741 shares of the mining company’s stock valued at $1,433,561,000 after purchasing an additional 2,276,018 shares in the last quarter. BlackRock Inc. boosted its holdings in Cleveland-Cliffs by 4.1% in the first quarter. BlackRock Inc. now owns 39,305,375 shares of the mining company’s stock worth $1,266,024,000 after acquiring an additional 1,534,765 shares in the last quarter. State Street Corp boosted its holdings in Cleveland-Cliffs by 15.9% in the first quarter. State Street Corp now owns 17,704,617 shares of the mining company’s stock worth $570,266,000 after acquiring an additional 2,433,826 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cleveland-Cliffs by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 5,954,145 shares of the mining company’s stock worth $129,621,000 after acquiring an additional 387,659 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Cleveland-Cliffs by 1.6% in the first quarter. Bank of New York Mellon Corp now owns 4,646,475 shares of the mining company’s stock worth $149,663,000 after acquiring an additional 71,198 shares in the last quarter. 56.68% of the stock is currently owned by institutional investors.

Cleveland-Cliffs Company Profile (Get Rating)

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.

See Also

Insider Buying and Selling by Quarter for Cleveland-Cliffs (NYSE:CLF)

Want More Great Investing Ideas?

Receive News & Ratings for Cleveland-Cliffs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cleveland-Cliffs and related companies with MarketBeat.com's FREE daily email newsletter.