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| Cleveland-Cliffs Shares Slide 11.2% Below Miller's Purchase PriceBy Metals Channel Staff, Thursday, December 1, 3:26 PM 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 September 8, Cleveland-Cliffs Inc's Director, Janet L. Miller, invested $24,865.40 into 1,425 shares of CLF, for a cost per share of $17.45. 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 Thursday, bargain hunters could buy shares of Cleveland-Cliffs Inc (NYSE:CLF) and achieve a cost basis 11.2% cheaper than Miller, with shares changing hands as low as $15.49 per share. Cleveland-Cliffs Inc shares are currently trading up about 1.5% 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 $34.04 as the 52 week high point — that compares with a last trade of $15.71. 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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