Snatch This Cheap Metals Stock Even Lower Than Director Miller Did

By Metals Channel Staff, Wednesday, May 19, 9:58 AM ET

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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 14, Cleveland-Cliffs Inc 's Director, Janet L. Miller, invested $24,940.80 into 1,280 shares of CLF, for a cost per share of $19.48. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.

In trading on Wednesday, bargain hunters could buy shares of Cleveland-Cliffs Inc (NYSE:CLF) and achieve a cost basis 1.4% cheaper than Miller, with shares changing hands as low as $19.21 per share. Cleveland-Cliffs Inc shares are currently trading down about 3.7% on the day. The chart below shows the one year performance of CLF shares, versus its 200 day moving average:

Cleveland-Cliffs Inc Chart

Looking at the chart above, CLF's low point in its 52 week range is $4.4323 per share, with $22.895 as the 52 week high point — that compares with a last trade of $19.24. By comparison, below is a table showing the prices at which CLF insider buying was recorded over the last six months:

Purchased	Insider	Title	Shares	Price/Share	Value
03/05/2021	Keith Koci	EVP, Chief Financial Officer	15,000	$13.45	$201,735.00
05/14/2021	Janet L. Miller	Director	1,280	$19.48	$24,940.80

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This Article's Word Cloud: Back Bargain Cheaper Chief Cleveland Cliffs Days Director Dollars Financial Insider Insiders Janet Join Keith Koci Looking Metals Miller NYSE Offer Officer Price Purchased Seven Share Shares Special Start Stocks Street about below buying chart cost hunters insider last only point reason share shares stock that their trading week with

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