Celso Goncalves, Jr. Sells 214,308 Shares of Cleveland-Cliffs (NYSE:CLF) Stock

Cleveland-Cliffs Inc. (NYSE:CLF) EVP Celso Goncalves, Jr. sold 214,308 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the completion of the sale, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock opened at $13.55 on Friday. The firm has a 50-day moving average price of $10.47 and a 200-day moving average price of $11.51. The firm has a market capitalization of $7.73 billion, a PE ratio of -5.79 and a beta of 2.09. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs Inc. has a 12-month low of $6.72 and a 12-month high of $16.70.

Cleveland-Cliffs (NYSE:CLF) last released its 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. The firm had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.84 billion. Cleveland-Cliffs had a negative net margin of 6.42% and a negative return on equity of 15.48%. The business’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.92) EPS. As a group, equities research analysts forecast that Cleveland-Cliffs Inc. will post -0.46 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CLF shares. Barclays started coverage on shares of Cleveland-Cliffs in a report on Thursday, May 21st. They issued an “underweight” rating and a $9.00 target price for the company. Argus upgraded shares of Cleveland-Cliffs to a “hold” rating in a report on Monday, April 6th. Glj Research restated a “sell” rating and issued a $9.42 target price on shares of Cleveland-Cliffs in a report on Monday, March 16th. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 target price on shares of Cleveland-Cliffs in a report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $11.99.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CLF. NewEdge Advisors LLC grew its position in shares of Cleveland-Cliffs by 25.2% during the 1st quarter. NewEdge Advisors LLC now owns 123,427 shares of the mining company’s stock worth $1,043,000 after buying an additional 24,868 shares in the last quarter. Glenmede Trust Co. NA purchased a new position in shares of Cleveland-Cliffs during the first quarter valued at $274,000. Edgestream Partners L.P. increased its stake in shares of Cleveland-Cliffs by 73.5% during the first quarter. Edgestream Partners L.P. now owns 557,261 shares of the mining company’s stock valued at $4,709,000 after buying an additional 236,031 shares during the period. Amundi purchased a new position in shares of Cleveland-Cliffs during the first quarter valued at $142,000. Finally, California State Teachers Retirement System increased its stake in shares of Cleveland-Cliffs by 23.0% during the first quarter. California State Teachers Retirement System now owns 662,180 shares of the mining company’s stock valued at $5,595,000 after buying an additional 123,660 shares during the period. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Company Profile

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.