This Senator Just Bought Up To $250K In Cleveland-Cliffs Stock

The Office of Senator Thomas H Tuberville has reported a purchase of Cleveland-Cliffs CLF stock on February 14, 2023. According to the February filing, the transaction was made on February 14, 2023.

What Happened: A Periodic Transaction Report from the U.S. Senate's Office on February 14, 2023 showed that Tuberville bought $100,001 - $250,000 of Cleveland-Cliffs stock.

Cleveland-Cliffs shares are trading down 1.27% at $20.15 at the time of writing.

The Importance of Congressional Transactions

Congressional transactions shouldn't be used primarily to make an investing decision, however, they can be an important factor for an investor to consider.

A Congressional transaction is when any Representative or Senator either buys or sells an individual stock. Anyone working in Congress must file a Periodic Transaction Report to inform the public of their recent transaction within 30 days of being notified of the transaction and within 45 days of the transaction date.

When a Senator or Representative makes a new purchase, that could be an indication that they expect the stock to rise.

A sale, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.

In April 2012, Former President Barack Obama signed the STOCK Act into law. The act prohibits members of Congress from using private information given to them by their position for personal gain such as buying or selling a stock. The act also expanded disclosure requirements for members of Congress by requiring them to file a monthly disclosure.

Trade Recap

A February filing states that Senator Thomas H Tuberville bought shares of Cleveland-Cliffs. The exact amount of the transaction remained unknown but the filing states a range of $100,001 - $250,000.

This article was generated by Benzinga's automated content engine and reviewed by an editor.