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

Cleveland-Cliffs Inc. (NYSE:CLF) was the recipient of some unusual options trading on Wednesday. Traders acquired 77,824 put options on the company. This is an increase of 54% compared to the typical daily volume of 50,450 put options.

Insider Activity

In related news, Director Edilson Camara acquired 7,400 shares of the business’s stock in a transaction that occurred on Thursday, October 22nd. The stock was bought at an average cost of $13.49 per share, for a total transaction of $99,826.00. Following the purchase, the director owned 64,717 shares in the company, valued at $873,032.33. The trade was a 12.91% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Cleveland-Cliffs

Institutional investors have recently made changes to their positions in the company. Center for Financial Planning Inc. grew its stake in shares of Cleveland-Cliffs by 119.0% during the first quarter. Center for Financial Planning Inc. now owns 3,322 shares of the mining company’s stock valued at $28,000 after buying an additional 1,805 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in Cleveland-Cliffs during the 2nd quarter valued at $30,000. Fortitude Family Office LLC boosted its holdings in Cleveland-Cliffs by 245.2% during the 3rd quarter. Fortitude Family Office LLC now owns 2,831 shares of the mining company’s stock valued at $31,000 after acquiring an additional 2,011 shares during the period. IFP Advisors Inc grew its position in Cleveland-Cliffs by 39.5% in the 2nd quarter. IFP Advisors Inc now owns 5,127 shares of the mining company’s stock valued at $48,000 after acquiring an additional 1,453 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in Cleveland-Cliffs in the 2nd quarter valued at $72,000. Institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Cleveland-Cliffs stock traded down $1.22 during mid-day trading on Wednesday, reaching $12.93. 18,734,166 shares of the company’s stock traded hands, compared to its average volume of 19,217,535. The company has a market cap of $7.37 billion, a price-to-earnings ratio of -15.20, a PEG ratio of 5.92 and a beta of 1.99. The stock has a 50 day moving average of $12.51 and a two-hundred day moving average of $11.41. The company has a quick ratio of 0.64, a current ratio of 1.87 and a debt-to-equity ratio of 1.28. Cleveland-Cliffs has a 12-month low of $7.73 and a 12-month high of $15.35.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings data on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.24 by $0.04. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.69 billion. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. Cleveland-Cliffs’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.51) earnings per share. Equities analysts forecast that Cleveland-Cliffs will post 0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wall Street Zen raised shares of Cleveland-Cliffs from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. B. Riley Financial raised their target price on shares of Cleveland-Cliffs from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Wells Fargo & Company lifted their price target on shares of Cleveland-Cliffs from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Monday, October 19th. Finally, Glj Research boosted their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a “buy” rating in a research report on Monday, September 21st. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.18.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.