Yahoo Finance Director Ron Bloom Acquires 25,000 Shares of Cleveland-Cliffs Inc (CLF)
On May 1, 2024, Ron Bloom, a Director at Cleveland-Cliffs Inc (NYSE:CLF), purchased 25,000 shares of the company, as reported in a recent SEC Filing. This transaction increased the insider's total holdings to 50,000 shares over the past year, with no recorded sales.
Cleveland-Cliffs Inc, primarily engaged in the mining and processing of iron ore and steel products, saw this insider transaction occur when the stock was priced at $17 per share. This price gives the company a market cap of approximately $7.91 billion.
The price-earnings ratio of Cleveland-Cliffs Inc stands at 22.47, which is above both the industry median of 13.775 and the company's historical median. Despite this higher valuation metric, the stock is considered Modestly Undervalued with a price-to-GF-Value ratio of 0.87, based on a GF Value of $19.58.
The GF Value is calculated considering historical multiples such as price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow, along with a GuruFocus adjustment factor and future business performance estimates from Morningstar analysts.
Over the past year, there have been equal numbers of insider buys and sells at Cleveland-Cliffs Inc, with 5 transactions of each type recorded.
This insider buying activity by the Director may signal confidence in the company's future performance, despite the current valuation metrics suggesting a higher than average price-earnings ratio.
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.
