In a recent transaction on March 13, Susan Miranda Green, a director at Cleveland-Cliffs Inc. (NYSE:CLF), sold 6,500 shares of the company's stock. The shares were sold at an average price of $20.4001, totaling approximately $132,600.
This sale was reported in a Form 4 document filed with the Securities and Exchange Commission on March 15. Following the transaction, Green holds a total of 90,286.3438 shares in the company, directly.
Cleveland-Cliffs Inc., headquartered in Cleveland, Ohio, operates within the metal mining industry. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol CLF.
Investors often monitor insider transactions as they provide insights into how the company's executives and directors view the stock's value. The sale by Green represents a notable change in her holdings, as it decreases her direct ownership in the company.
The transaction details, including the number of shares sold and the total value, are made available to the public through the SEC filings, offering transparency into the trading activities of the company's insiders.
InvestingPro Insights
The recent insider transaction at Cleveland-Cliffs Inc. (NYSE:CLF) wherein director Susan Miranda Green sold shares has caught the attention of investors, signaling potential shifts in executive sentiment. To provide further context, let's consider some key metrics and insights from InvestingPro. With a market capitalization of $9.85 billion and a price-to-earnings (P/E) ratio standing at 25.36, Cleveland-Cliffs appears to be maintaining a solid position in the market. Notably, the adjusted P/E ratio for the last twelve months as of Q4 2023 is slightly lower at 21.82, suggesting a more favorable valuation when specific adjustments are accounted for.
While the company's revenue saw a slight decline of 4.32% over the last twelve months as of Q4 2023, it’s important to highlight that Cleveland-Cliffs has experienced a large price uptick of 38.28% over the last six months, as per InvestingPro Data. This performance could be indicative of the company's resilience and investor confidence in its long-term prospects. Additionally, the company's gross profit margin stands at 6.32%, which, while not among the strongest, still reflects its ability to maintain profitability in a challenging industry.
InvestingPro Tips further enrich our understanding of Cleveland-Cliffs' financial health and strategic direction. Management's aggressive share buyback strategy and the high shareholder yield are particularly noteworthy, as they demonstrate a commitment to returning value to investors. Moreover, the valuation implies a strong free cash flow yield, which can be an attractive point for investors looking for companies with solid financial footing. These factors, coupled with the fact that Cleveland-Cliffs is a prominent player in the Metals & Mining industry, could influence investor perceptions and decisions.
For readers interested in deeper analysis and more InvestingPro Tips, including insights into Cleveland-Cliffs' profitability predictions and stock price volatility, visit https://www.investing.com/pro/CLF. There, you'll find a total of 11 additional tips that could guide your investment strategy. And don't forget, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with premium tools and data.
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