Cleveland-Cliffs Sees Unusually Large Options Volume (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE:CLF) was the target of some unusual options trading activity on Friday. Investors acquired 61,622 call options on the company. This represents an increase of 42% compared to the average volume of 43,472 call options.

Insider Activity at Cleveland-Cliffs

In related news, Director Edilson Camara acquired 19,700 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was bought at an average price of $10.13 per share, for a total transaction of $199,561.00. Following the completion of the purchase, the director directly owned 41,983 shares of the company’s stock, valued at approximately $425,287.79. The trade was a 88.41% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Clifford T. Smith sold 200,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total transaction of $2,092,000.00. Following the completion of the transaction, the chief operating officer owned 560,529 shares of the company’s stock, valued at $5,863,133.34. This represents a 26.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Strengthening Families & Communities LLC increased its stake in Cleveland-Cliffs by 4,315.6% in the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,942 shares during the period. Los Angeles Capital Management LLC acquired a new position in Cleveland-Cliffs in the fourth quarter valued at $25,000. IFP Advisors Inc increased its stake in Cleveland-Cliffs by 117.5% in the fourth quarter. IFP Advisors Inc now owns 2,221 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,200 shares during the period. CIBC Private Wealth Group LLC increased its stake in Cleveland-Cliffs by 306.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,461 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,855 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its stake in Cleveland-Cliffs by 94.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,505 shares of the mining company’s stock valued at $33,000 after purchasing an additional 1,214 shares during the period. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Trading Up 7.7%

NYSE CLF opened at $9.79 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.50 and a current ratio of 2.02. The firm has a market cap of $5.58 billion, a PE ratio of -4.18 and a beta of 1.91. Cleveland-Cliffs has a one year low of $5.63 and a one year high of $16.70. The firm’s fifty day moving average is $9.40 and its two-hundred day moving average is $11.70.

Cleveland-Cliffs (NYSE:CLF) last posted its quarterly earnings data on Monday, April 20th. The mining company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.04. The company had revenue of $4.92 billion for 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%. Cleveland-Cliffs’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.92) earnings per share. Analysts expect that Cleveland-Cliffs will post -0.42 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Citigroup upped their price objective on shares of Cleveland-Cliffs from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. KeyCorp assumed coverage on shares of Cleveland-Cliffs in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Glj Research restated a “sell” rating and issued a $9.42 price objective on shares of Cleveland-Cliffs in a research note on Monday, March 16th. Wall Street Zen upgraded shares of Cleveland-Cliffs from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $11.66.

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.