Cleveland-Cliffs Target Trading Unusually High Options (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF – Get Your Free Report ) saw some unusual options trading on Friday. Equity investors purchased 48,243 call options on the stock. This represents a 48% increase over the typical volume of 32,490 call options.

Cleveland-Cliffs trade down 2.0%

Shares of CLF stock opened at $13.06 on Friday. The company’s 50-day moving average is $14.45, and its two-hundred-day moving average is $17.40. Cleveland-Cliffs has a twelve month low of $12.39 and a twelve month high of $22.97. The company has a market cap of $6.21 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 1.94 and a beta of 2.03. The company has a current ratio of 1.87, a quick ratio of 0.60, and a debt-to-equity ratio of 0.48.

Cleveland-Cliffs (NYSE:CLF – Get Your Free Report ) last announced its earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share for the quarter. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period last year, the business posted EPS of $0.69. The company’s revenue fell 14.9% year over year. equities analysts predict that Cleveland-Cliffs will post 0.17 EPS for the current year.

Analyst upgrades and downgrades

Several equities research analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 target price on the stock. Bank of America cut their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley decreased their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. Seaport Res Ptn upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, B. Riley restated a “buy” rating and set a $23.00 target price on shares of Cleveland-Cliffs in a research note on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $18.94, according to MarketBeat.

Get the latest research report on CLF

Insider Buying and Selling at Cleveland-Cliffs

In related news, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the purchase, the chief financial officer now directly owns 314,362 shares in the company, valued at $4,709,142.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Ben Oren acquired 6,700 shares of Cleveland-Cliffs stock in a transaction dated Wednesday, June 12th. The shares were bought at an average price of $14.99 per share, with a total value of $100,433.00. Following the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, CFO Celso L. Goncalves, Jr. purchased 7,250 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $14.98 per share, for a total transaction of $108,605.00. Following the transaction, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. Disclosure for this purchase can be found here. 1.76% of shares are owned by company insiders.

Cleveland-Cliffs Institutional Trading

Institutional investors have recently modified their holdings of the business. Rise Advisors LLC boosted its stake in Cleveland-Cliffs by 2,858.0% in the first quarter. Rise Advisors LLC now owns 1,479 shares of the mining company’s stock valued at $34,000 after buying an additional 1,429 shares during the last quarter. Altshuler Shaham Ltd purchased a new stake in shares of Cleveland-Cliffs in the second quarter valued at approximately $26,000. Hexagon Capital Partners LLC boosted its stake in Cleveland-Cliffs by 41.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,700 shares of the mining company’s stock valued at $39,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Cleveland-Cliffs by 247.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,885 shares of the mining company’s stock valued at $43,000 after buying an additional 1,343 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Cleveland-Cliffs in the first quarter valued at approximately $45,000. 67.68% of the shares are currently held by hedge funds and other institutional investors.

Cleveland-Cliffs Company Profile

(Get a free report)

Cleveland-Cliffs is the largest flat rolled steel company and the largest producer of iron ore pellets in North America. The company is vertically integrated from mining through ironmaking, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was previously known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

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