Cleveland-Cliffs Inc. (NYSE:CLF) CEO Lourenco Goncalves Buys 60,000 Shares

Cleveland-Cliffs Inc. (NYSE:CLF) CEO Lourenco Goncalves acquired 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average cost of $16.76 per share, with a total value of $1,005,600.00. Following the acquisition, the chief executive officer now owns 2,759,089 shares in the company, valued at approximately $46,242,331.64. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Lourenco Goncalves also recently made the following trade(s):

• On Wednesday, March 6th, Lourenco Goncalves sold 187,136 shares of Cleveland-Cliffs stock. The shares were sold at an average price of $20.19, for a total value of $3,778,275.84.

Cleveland-Cliffs Stock Performance

Shares of CLF opened at $16.70 on Thursday. The company has a market cap of $7.94 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 0.67 and a beta of 2.03. The company has a current ratio of 1.90, a quick ratio of 0.59 and a debt-to-equity ratio of 0.49. The stock has a 50-day moving average price of $20.78 and a 200-day moving average price of $19.08. Cleveland-Cliffs Inc. has a 12-month low of $13.61 and a 12-month high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, April 22nd. The mining company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Cleveland-Cliffs had a return on equity of 8.69% and a net margin of 1.78%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. As a group, equities analysts forecast that Cleveland-Cliffs Inc. will post 1.56 earnings per share for the current fiscal year.

Cleveland-Cliffs announced that its board has authorized a share buyback program on Monday, April 22nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the mining company to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Cleveland-Cliffs

A number of hedge funds have recently bought and sold shares of CLF. Exchange Traded Concepts LLC bought a new stake in Cleveland-Cliffs in the 3rd quarter worth approximately $29,000. Anchor Investment Management LLC bought a new stake in Cleveland-Cliffs in the 4th quarter worth approximately $31,000. Lindbrook Capital LLC lifted its position in Cleveland-Cliffs by 83.7% in the fourth quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock valued at $32,000 after purchasing an additional 716 shares during the last quarter. Rise Advisors LLC lifted its position in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,429 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new stake in Cleveland-Cliffs in the fourth quarter valued at approximately $35,000. Institutional investors own 67.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wolfe Research reaffirmed an “underperform” rating and set a $18.00 target price on shares of Cleveland-Cliffs in a report on Tuesday, April 9th. Morgan Stanley reduced their target price on Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday. B. Riley reduced their target price on Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, BNP Paribas downgraded Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 price target for the company. in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.42.

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.