Pick Up This Bargain Metals Stock Even Cheaper Than Director Harlan Did

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 August 23, Cleveland-Cliffs Inc 's Director, M. Ann Harlan, invested $29,986.05 into 3,721 shares of CLF, for a cost per share of $8.06. 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 Friday, bargain hunters could buy shares of Cleveland-Cliffs Inc (Symbol: CLF) and achieve a cost basis 1.0% cheaper than Harlan, with shares changing hands as low as $7.98 per share. Cleveland-Cliffs Inc shares are currently trading up about 0.2% 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 $7.40 per share, with $13.10 as the 52 week high point — that compares with a last trade of $7.94. 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
05/01/2019 Michael D. Siegal Director 7,500 $9.76 $73,200.00
05/13/2019 Eric M. Rychel Director 5,000 $9.70 $48,500.00
05/22/2019 Keith Koci EVP, Chief Financial Officer 5,000 $9.65 $48,250.00
06/03/2019 Robert P. Fisher Jr. Director 3,000 $8.91 $26,745.00
06/10/2019 Lourenco Goncalves Chairman, President & CEO 10,000 $9.36 $93,597.00
08/07/2019 Keith Koci EVP, Chief Financial Officer 30,000 $8.39 $251,682.00
08/08/2019 Robert P. Fisher Jr. Director 3,000 $8.84 $26,520.00
08/08/2019 John T. Baldwin Director 6,000 $8.70 $52,200.00
08/22/2019 Keith Koci EVP, Chief Financial Officer 12,500 $8.08 $100,998.75
08/22/2019 John T. Baldwin Director 7,000 $8.27 $57,890.00
08/23/2019 M. Ann Harlan Director 3,721 $8.06 $29,986.05
08/28/2019 Eric M. Rychel Director 3,000 $7.70 $23,089.80

Click here to find out which 9 other dividend bargains you can buy cheaper than insiders »

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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