Cleveland-Cliffs Inc (NYSE:CLF) Chairman Lourenco Goncalves Buys 10,000 Shares

Cleveland-Cliffs Inc (NYSE:CLF) Chairman Lourenco Goncalves bought 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average cost of $9.36 per share, for a total transaction of $93,600.00. Following the completion of the purchase, the chairman now directly owns 3,237,735 shares of the company’s stock, valued at $30,305,199.60. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Shares of NYSE CLF opened at $9.61 on Thursday. Cleveland-Cliffs Inc has a one year low of $7.40 and a one year high of $13.10. The company has a current ratio of 2.86, a quick ratio of 1.82 and a debt-to-equity ratio of 7.97. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 4.51 and a beta of 1.83.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Thursday, April 25th. The mining company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.06. Cleveland-Cliffs had a net margin of 51.54% and a return on equity of 786.91%. The business had revenue of $157.00 million for the quarter, compared to analysts’ expectations of $116.91 million. During the same period last year, the business earned ($0.08) earnings per share. The business’s quarterly revenue was down 12.8% on a year-over-year basis. As a group, sell-side analysts predict that Cleveland-Cliffs Inc will post 1.75 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be given a dividend of $0.06 per share. This is a boost from Cleveland-Cliffs’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Wednesday, July 3rd. Cleveland-Cliffs’s dividend payout ratio (DPR) is presently 9.39%.

A number of hedge funds and other institutional investors have recently modified their holdings of CLF. Vanguard Group Inc grew its position in Cleveland-Cliffs by 14.8% during the third quarter. Vanguard Group Inc now owns 30,220,875 shares of the mining company’s stock valued at $382,597,000 after acquiring an additional 3,885,273 shares during the last quarter. Ruffer LLP grew its holdings in shares of Cleveland-Cliffs by 22.8% in the fourth quarter. Ruffer LLP now owns 19,706,280 shares of the mining company’s stock worth $151,625,000 after purchasing an additional 3,665,288 shares during the last quarter. AJO LP bought a new position in shares of Cleveland-Cliffs in the first quarter worth approximately $28,321,000. Norges Bank bought a new position in shares of Cleveland-Cliffs in the fourth quarter worth approximately $21,011,000. Finally, Wellington Management Group LLP grew its holdings in shares of Cleveland-Cliffs by 5,871.1% in the first quarter. Wellington Management Group LLP now owns 985,889 shares of the mining company’s stock worth $9,849,000 after purchasing an additional 969,378 shares during the last quarter. Institutional investors and hedge funds own 80.59% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Credit Suisse Group raised shares of Cleveland-Cliffs from a “neutral” rating to an “outperform” rating and raised their target price for the company from $13.00 to $14.00 in a research note on Friday, April 26th. Zacks Investment Research raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Monday, April 1st. Jefferies Financial Group set a $14.00 target price on shares of Cleveland-Cliffs and gave the company a “buy” rating in a research note on Tuesday, April 23rd. TheStreet raised shares of Cleveland-Cliffs from a “c+” rating to a “b” rating in a research note on Wednesday, February 20th. Finally, B. Riley increased their price target on shares of Cleveland-Cliffs from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Cleveland-Cliffs has a consensus rating of “Buy” and an average target price of $12.50.

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About Cleveland-Cliffs

Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific. 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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