Ron A. Bloom Sells 1,554 Shares of Cleveland-Cliffs Inc. (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLFGet Free Report) Director Ron A. Bloom sold 1,554 shares of Cleveland-Cliffs stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $11.77, for a total transaction of $18,290.58. Following the completion of the sale, the director now directly owns 64,024 shares in the company, valued at $753,562.48. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $12.46 on Friday. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of -12.85 and a beta of 1.97. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $12.64 and a 200 day simple moving average of $14.08. Cleveland-Cliffs Inc. has a 52 week low of $10.21 and a 52 week high of $22.97.

Cleveland-Cliffs (NYSE:CLFGet Free Report) last posted its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter last year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was down 18.5% on a year-over-year basis. On average, research analysts forecast that Cleveland-Cliffs Inc. will post -0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on CLF shares. Citigroup lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. StockNews.com downgraded shares of Cleveland-Cliffs from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Seaport Res Ptn upgraded shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley cut their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.56.

Check Out Our Latest Research Report on Cleveland-Cliffs

Institutional Trading of Cleveland-Cliffs

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arete Wealth Advisors LLC purchased a new stake in Cleveland-Cliffs during the third quarter valued at about $1,222,000. Neo Ivy Capital Management purchased a new position in shares of Cleveland-Cliffs during the 3rd quarter valued at about $1,444,000. First Dallas Securities Inc. lifted its position in Cleveland-Cliffs by 27.9% in the 3rd quarter. First Dallas Securities Inc. now owns 206,750 shares of the mining company’s stock worth $2,640,000 after buying an additional 45,150 shares during the last quarter. MidWestOne Financial Group Inc. lifted its position in Cleveland-Cliffs by 19.9% in the 3rd quarter. MidWestOne Financial Group Inc. now owns 127,669 shares of the mining company’s stock worth $1,630,000 after buying an additional 21,165 shares during the last quarter. Finally, M&T Bank Corp boosted its stake in Cleveland-Cliffs by 11.4% in the third quarter. M&T Bank Corp now owns 21,574 shares of the mining company’s stock worth $275,000 after buying an additional 2,205 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

(Get Free Report)

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.

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

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