Tommy Tuberville Adds Large Position of Cleveland-Cliffs Inc
Tommy Tuberville, the Republican Senator from Alabama, disclosed a number of trades recently from January. However, the largest positions of note were a number of option sales of $1K-$15K, and then a large purchase of $100K-$250K of Cleveland-Cliffs Inc (CLF:US) alongside a purchase of $15K-$50K of Under Armour Inc (UAA:US) the apparel company.
Cleveland-Cliffs Inc is an American mining and natural resources company that specializes in producing iron ore pellets. As a company that produces a commodity, its stock price is often closely tied to the price of iron ore, which can be influenced by global supply and demand factors. The company has been investing in expansion and modernization efforts in recent years, which has led to both growth and volatility in its stock price.
Cleveland-Cliffs' stock received two analyst upgrades in January 2023. On January 12th, Morgan Stanley upgraded its rating on the stock from Equal-Weight to Overweight, while also increasing its price target from $13.60 to $26. This upgrade reflected the analyst's belief that the company's expansion and modernization efforts could lead to significant growth potential. Then, on January 25th, Exane BNP Paribas upgraded its rating on the stock from Underperform to Neutral, with a price target of $21. This upgrade was likely due to the company's strong financial performance in recent quarters and its positive outlook for the future.
Tommy Tuberville, a former college football coach; serves as a Republican Senator from Alabama since 2020. He is a strong supporter of conservative policies and is quite critical of tech companies. His popularity in Alabama is due to his successful coaching career and conservative views.