Top Buys by Top Brass: EVP, Chief Financial Officer Koci's $400.9K Bet on CLF

A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. 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 — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $400.9K invested across 3 purchases by Keith Koci, EVP, Chief Financial Officer at Cleveland-Cliffs Inc (Symbol: CLF).

Purchased Insider Title Shares Price/Share Value
05/22/2019 Keith Koci EVP, Chief Financial Officer 5,000 $9.65 $48,250.00
08/07/2019 Keith Koci EVP, Chief Financial Officer 30,000 $8.39 $251,682.00
08/22/2019 Keith Koci EVP, Chief Financial Officer 12,500 $8.08 $100,998.75

Koci's average cost works out to $8.44/share. In trading on Friday, bargain hunters could buy shares of Cleveland-Cliffs Inc (Symbol: CLF) and achieve a cost basis lower than Koci, with shares changing hands as low as $7.87 per share. Shares of Cleveland-Cliffs Inc were changing hands at $7.93 at last check, trading off about 0.1% on Friday. 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 $7.93.

Click here to find out which other top insider buys by the ''top brass'' you need to know about »

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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