Cleveland-Cliffs (NYSE:CLF) EVP Sells $2,873,870.28 in Stock

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Celso Goncalves, Jr. sold 214,308 shares of the business’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 sale, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. The trade was a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Cleveland-Cliffs Trading Up 0.1%

Shares of Cleveland-Cliffs stock opened at $13.55 on Monday. Cleveland-Cliffs Inc. has a 1 year low of $6.72 and a 1 year high of $16.70. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.02 and a quick ratio of 0.64. The business has a 50 day moving average price of $10.47 and a 200 day moving average price of $11.51. The company has a market capitalization of $7.73 billion, a P/E ratio of -5.79 and a beta of 2.09.

Cleveland-Cliffs (NYSE:CLF) last released 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 net margin of 6.42% and a negative return on equity of 15.48%. The company had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.84 billion. During the same period last year, the company earned ($0.92) EPS. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. Sell-side analysts anticipate that Cleveland-Cliffs Inc. will post -0.46 EPS for the current fiscal year.

Institutional Trading of Cleveland-Cliffs

Several large investors have recently added to or reduced their stakes in CLF. Barclays PLC boosted its stake in shares of Cleveland-Cliffs by 281.9% during the 3rd quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock valued at $28,161,000 after buying an additional 1,703,791 shares during the period. Phocas Financial Corp. raised its holdings in shares of Cleveland-Cliffs by 47.0% during the fourth quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock worth $6,306,000 after acquiring an additional 151,868 shares in the last quarter. Contrarius Group Holdings Ltd acquired a new stake in Cleveland-Cliffs during the third quarter valued at $10,932,000. Lighthouse Investment Partners LLC purchased a new position in Cleveland-Cliffs in the third quarter valued at about $9,171,000. Finally, Citigroup Inc. grew its stake in Cleveland-Cliffs by 17.5% in the third quarter. Citigroup Inc. now owns 8,010,913 shares of the mining company’s stock valued at $97,733,000 after purchasing an additional 1,195,035 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CLF shares. Morgan Stanley cut their price objective 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. Wall Street Zen upgraded Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Wells Fargo & Company boosted their price target on Cleveland-Cliffs from $9.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $10.00 price objective on shares of Cleveland-Cliffs in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $11.99.

About Cleveland-Cliffs

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.