Recent Filing Shows That Sen. Thomas H Tuberville Bought Over $50K Worth of Cleveland-Cliffs Stock

The Office of Senator Thomas H Tuberville has reported a purchase of Cleveland-Cliffs CLF stock on April 12, 2023. According to the April filing, the transaction was made on April 12, 2023.

What Happened: A recent report from the U.S. Senate's Office on April 12, 2023 reveals that Tuberville made a purchase of Cleveland-Cliffs stock valued between $50,001 - $100,000.

Cleveland-Cliffs shares are trading down 0.5% at $17.94 at the time of writing.

Why Congressional Transactions Matter

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 April 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 $50,001 - $100,000.

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