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).
|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:
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.