Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin Purchases 4,000 Shares of Stock

Cleveland-Cliffs Inc. (NYSE:CLF) Director John T. Baldwin bought 4,000 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $8.70 per share, with a total value of $34,800.00. Following the completion of the acquisition, the director now owns 133,227 shares in the company, valued at $1,159,074.90. This represents a 3.10 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Cleveland-Cliffs Stock Down 11.3 %

NYSE CLF opened at $8.71 on Tuesday. The stock has a fifty day moving average of $10.39 and a 200-day moving average of $11.53. The stock has a market capitalization of $4.30 billion, a P/E ratio of -8.97 and a beta of 1.94. Cleveland-Cliffs Inc. has a 52 week low of $8.51 and a 52 week high of $22.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.55 and a current ratio of 1.85.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Monday, February 24th. The mining company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.03). The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative net margin of 2.31% and a negative return on equity of 0.59%. On average, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds and other institutional investors have recently made changes to their positions in the company. Strengthening Families & Communities LLC increased its stake in shares of Cleveland-Cliffs by 299.8% in the 3rd quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after buying an additional 1,490 shares during the period. Pinpoint Asset Management Ltd bought a new position in shares of Cleveland-Cliffs in the 4th quarter worth $25,000. Truvestments Capital LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $34,000. Darwin Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter worth $34,000. Finally, Estabrook Capital Management boosted its position in shares of Cleveland-Cliffs by 207.7% in the 4th quarter. Estabrook Capital Management now owns 4,000 shares of the mining company’s stock worth $38,000 after purchasing an additional 2,700 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CLF shares. The Goldman Sachs Group dropped their target price on Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Citigroup dropped their target price on Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. B. Riley reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. Glj Research dropped their price target on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley dropped their price target on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $16.43.

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.