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| Top Buys by Top Brass: CEO Goncalves's $1.5M Bet on CLFBy Metals Channel Staff, Friday, June 9, 10:12 AM ET
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 $1.5M by Lourenco Goncalves, CEO at Cleveland-Cliffs Inc (NYSE:CLF). Goncalves bets big on CLF:
Goncalves's average cost works out to $14.96/share. Shares of Cleveland-Cliffs Inc were changing hands at $16.21 at last check, trading off about 0.6% 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 $11.825 per share, with $22.83 as the 52 week high point — that compares with a last trade of $16.21. Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.
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