Director Ron Bloom Acquires 25,000 Shares of Cleveland-Cliffs Inc
Ron Bloom, a director at Cleveland-Cliffs Inc (NYSE:CLF), has increased his stake in the company by purchasing 25,000 shares on February 1, 2024, according to a recent SEC Filing. This transaction has been part of a series of buys from the insider over the past year, totaling the same number of shares, with no recorded sales in the same period.
Cleveland-Cliffs Inc is a company that operates within the mining and natural resources sector. It is primarily involved in the production of iron ore and steel products, catering to a diverse range of industries including automotive, construction, and manufacturing. The company's operations span mining, pelletizing, and metallics production, with a commitment to environmental stewardship and community engagement.
Insider buying and selling activities are closely monitored by investors as they can provide insights into a company's internal perspective. An insider purchase can suggest that the company's executives or directors are confident in the firm's future prospects and consider the stock to be undervalued. Conversely, insider selling might indicate that insiders believe the stock is fully valued or they are diversifying their investments.
The insider transaction history for Cleveland-Cliffs Inc shows a trend of more insider buying than selling over the past year. There have been 6 insider buys and only 2 insider sells during this period.
On the valuation front, shares of Cleveland-Cliffs Inc were trading at $20.24 on the day the insider made the recent purchase. The company's market cap stood at $10,175.884 billion. The price-earnings ratio of 26.18 is above both the industry median of 13.19 and the company's historical median price-earnings ratio, indicating a higher valuation compared to its peers and its own past trading history.
The stock's price-to-GF-Value ratio is 0.97, with a GF Value of $20.79, suggesting that Cleveland-Cliffs Inc is Fairly Valued in relation to the intrinsic value estimate provided by GuruFocus. This GF Value is derived from historical trading multiples, a GuruFocus adjustment factor based on past returns and growth, and future business performance estimates from Morningstar analysts.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
