Cleveland Cliffs (CLF)

May 24, 2022Trade Ideas

Cleveland Cliffs (CLF) CFO Celso Goncalves bought 4,000 shares for just over $105,000. The buy comes days after an EVP bought 4,500 shares for more than $122,000. Also, the steel stock could see higher highs after announcing it would “seriously consider reinstituting a dividend.”

In fact, according to Street Insider, CEO Lourenco Goncalves said on the company’s Q1 earnings call: “We will continue to pay down debt. So, this number will continue to be reduced towards the end of the year. And at a certain point, we are going to seriously consider reinstituting a dividend. At this point, a dividend is not being instituted right now because we feel like we are getting more bang for the buck by paying down debt.”

All after posting Q1 earnings. For the quarter, the company said revenue came in at $5.94 billion, as compared to $4 billion year over year. Analysts were looking for $5.4 billion. EPS came in at $1.50, as compared to seven cents year over year. Analysts were looking for $1.40.

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