Key Points
- Cleveland-Cliffs EVP Celso Goncalves, Jr. sold 214,308 shares on June 5 at an average price of $13.41, totaling about $2.87 million. The sale cut his ownership by 53.73%.
- CLF stock fell 6.1% after the insider transaction, even as shares opened at $13.55 and remained above both the 50-day and 200-day moving averages cited in the report.
- The company recently beat quarterly EPS and revenue estimates, but analysts remain cautious: the consensus rating is "Reduce" with an average price target of $11.99.
Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) EVP Celso Goncalves, Jr. sold 214,308 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares in the company, valued at $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Cleveland-Cliffs Stock Down 6.1%
NYSE:CLF opened at $13.55 on Friday. Cleveland-Cliffs Inc. has a 12-month low of $6.72 and a 12-month high of $16.70. The company has a quick ratio of 0.64, a current ratio of 2.02 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $7.73 billion, a P/E ratio of -5.79 and a beta of 2.09. The stock's fifty day simple moving average is $10.47 and its 200-day simple moving average is $11.51.
Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its quarterly earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The business had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same period last year, the company earned ($0.92) EPS. The firm's revenue was up 6.3% on a year-over-year basis. Equities research analysts expect that Cleveland-Cliffs Inc. will post -0.46 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Castle Hook Partners LP lifted its holdings in Cleveland-Cliffs by 572.4% during the fourth quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company's stock worth $240,143,000 after acquiring an additional 15,393,507 shares in the last quarter. Turiya Advisors Asia Ltd acquired a new stake in shares of Cleveland-Cliffs in the 4th quarter valued at about $96,280,000. Vanguard Group Inc. raised its stake in shares of Cleveland-Cliffs by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company's stock valued at $722,318,000 after purchasing an additional 6,447,462 shares during the period. Maple Rock Capital Partners Inc. raised its stake in shares of Cleveland-Cliffs by 90.1% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 12,358,230 shares of the mining company's stock valued at $164,117,000 after purchasing an additional 5,855,830 shares during the period. Finally, State Street Corp raised its stake in shares of Cleveland-Cliffs by 20.2% in the 2nd quarter. State Street Corp now owns 27,450,442 shares of the mining company's stock valued at $208,623,000 after purchasing an additional 4,603,807 shares during the period. 67.68% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the company. Barclays assumed coverage on Cleveland-Cliffs in a research report on Thursday, May 21st. They issued an "underweight" rating and a $9.00 price target on the stock. Glj Research restated a "sell" rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a research report on Monday, March 16th. Wall Street Zen upgraded Cleveland-Cliffs from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Morgan Stanley reduced their price target on Cleveland-Cliffs from $16.80 to $12.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 21st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $11.99.
Get Our Latest Research Report on Cleveland-Cliffs
Cleveland-Cliffs Company Profile
(
Get Free Report)
Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.
The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
