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

Cleveland-Cliffs Inc. (NYSE:CLF) CEO Lourenco Goncalves bought 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were bought at an average price of $16.76 per share, with a total value of $1,005,600.00. Following the completion of the purchase, the chief executive officer now owns 2,759,089 shares in the company, valued at $46,242,331.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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 transaction of $3,778,275.84.

Cleveland-Cliffs Price Performance

NYSE:CLF traded down $0.20 during mid-day trading on Wednesday, reaching $16.70. 15,604,857 shares of the company were exchanged, compared to its average volume of 8,976,390. The company has a quick ratio of 0.59, a current ratio of 1.90 and a debt-to-equity ratio of 0.49. Cleveland-Cliffs Inc. has a 12 month low of $13.61 and a 12 month high of $22.97. The stock has a market cap of $7.94 billion, a PE ratio of 22.82, a PEG ratio of 0.67 and a beta of 2.03. The company has a fifty day moving average of $20.78 and a 200 day moving average of $19.08.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly 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 analyst estimates of $5.34 billion. Cleveland-Cliffs had a net margin of 1.78% and a return on equity of 8.69%. The business’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.11) earnings per share. On average, research analysts anticipate that Cleveland-Cliffs Inc. will post 1.56 EPS for the current fiscal year.

Cleveland-Cliffs announced that its board has initiated a share repurchase program on Monday, April 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the mining company to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CLF shares. Argus cut shares of Cleveland-Cliffs from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. BNP Paribas lowered shares of Cleveland-Cliffs from a “neutral” rating to an “underperform” rating and set a $16.50 target price on the stock. in a report on Wednesday, February 28th. Morgan Stanley lowered their target price on shares of Cleveland-Cliffs from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday. TheStreet lowered shares of Cleveland-Cliffs from a “b-” rating to a “c” rating in a report on Tuesday, January 30th. Finally, B. Riley lowered their target price on shares of Cleveland-Cliffs from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.42.

Institutional Trading of Cleveland-Cliffs

Large investors have recently bought and sold shares of the business. Rise Advisors LLC increased its stake in Cleveland-Cliffs by 2,858.0% during the 1st quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock worth $34,000 after purchasing an additional 1,429 shares in the last quarter. Anchor Investment Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $31,000. Lindbrook Capital LLC grew its stake in shares of Cleveland-Cliffs by 83.7% during the 4th quarter. Lindbrook Capital LLC now owns 1,571 shares of the mining company’s stock worth $32,000 after acquiring an additional 716 shares in the last quarter. HighMark Wealth Management LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth approximately $35,000. Finally, Hexagon Capital Partners LLC grew its stake in shares of Cleveland-Cliffs by 41.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock worth $39,000 after acquiring an additional 500 shares in the last quarter. 67.68% of the stock is owned by 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.