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Cleveland-Cliffs Inc. (NYSE:CLF), a $5.26 billion market cap steel producer, saw Director Jane M. Cronin recently make a significant purchase of the company’s common shares, according to a filing with the Securities and Exchange Commission. InvestingPro analysis indicates the stock is currently trading below its Fair Value, making this insider purchase particularly noteworthy. On February 28, Cronin acquired 10,000 shares at a weighted average price of approximately $10.56 per share, totaling $105,606. The shares were purchased in multiple transactions, with prices ranging from $10.535 to $10.57. Following this transaction, Cronin’s direct ownership in Cleveland-Cliffs increased to 24,522 shares. This insider purchase comes as the company maintains a healthy liquidity position with a current ratio of 2.08, despite operating with significant debt. For deeper insights into insider trading patterns and comprehensive financial analysis, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, Cleveland-Cliffs Inc. reported a disappointing fourth quarter for 2024, with earnings and revenue both falling short of expectations. The company posted an earnings per share (EPS) of -$0.68, significantly missing the anticipated -$0.46. Revenue also came in below forecasts at $4.3 billion, compared to the expected $4.54 billion. Despite these setbacks, Cleveland-Cliffs is focusing on debt reduction and strategic expansions, with optimism for improved performance in 2025. The company highlighted its expectations for a reduction in unit steel costs and stronger automotive sector performance in the coming year. Analysts from firms like Seaport Research Partners and B. Riley have noted the company’s strategic focus on domestic manufacturing and debt reduction. Cleveland-Cliffs is also confident about the benefits from recently announced tariffs on steel imports, which are expected to strengthen domestic manufacturing. The company remains committed to leveraging its integrated steel assets and enhancing its market position in the U.S. steel industry.
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