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| Get An Even Better Deal On CLF Than Director Michael III DidBy Metals Channel Staff, Monday, June 5, 11:13 AM ET
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 2, Cleveland-Cliffs Inc's Director, Ralph S. Michael III, invested $149,592.00 into 10,000 shares of CLF, for a cost per share of $14.96. 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 Monday, bargain hunters could buy shares of Cleveland-Cliffs Inc (NYSE:CLF) and achieve a cost basis even cheaper than Michael III, with shares changing hands as low as $14.85 per share. Cleveland-Cliffs Inc shares are currently trading off about 0.3% on the day. 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 $11.825 per share, with $23.91 as the 52 week high point — that compares with a last trade of $15.02. By comparison, below is a table showing the prices at which CLF insider buying was recorded over the last six months:
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