Insider Trading Report: Cleveland-Cliffs (CLF)

 

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  • Janet Miller, a director at Cleveland-Cliffs (CLF), recently bought another 1,280 shares. The buy increased her stake by less than 2 percent, and came to a total cost of just under $25,000.

    This is the second buy of the year, following a 15,000 share buy form the company CFO in March. Over the past 3 years, C-suite executives and company directors have been exclusively buyers. The only sale has come from the stake held by another company.

    Overall, insiders own nearly 9 percent of the company.

    Shares of the iron ore mining company are up over 340 percent in the past year, following a steep rise in iron ore and steel prices. Cleveland-Cliffs has benefitted with a 1,027 percent rise in revenue as a result.

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  • Shares have surged from as high as $23 in the past year, but last week’s market volatility brought shares back down to about $19.50. Even with the steep rise in shares, they don’t look overbought following this pullback.

    Action to take: Higher commodity prices are likely going to continue, although the rate of growth may slow in the coming months. There’s still room for some upside here. Investors may like shares under $20.

    For traders, the October $20 calls, going for about $3.30, are an inexpensive way to play an uptrend. They’re a near-the-money trade with 5 months to play out a continued rally higher in shares.

    Traders can likely nab high-double digit profits in a matter of weeks. On a strong continued rally, this could easily become a triple-digit winner as well.

     

    Disclosure: The author of this article has no positions in the stock mentioned here, but does not intend to make a trade on this company after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.

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