Insider Buy At AXIS Capital; Cleveland-Cliffs Gets Downgraded; Newmont Confirms 5-Year Deal And More

Top Stories for Feb. 8, 2024:

1. AXIS Capital Holdings Limited AXS director Stanley A. Galanski made an insider purchase, acquiring 7,000 shares at an average price of $58.45, for a total of roughly $409,150.

2. Argus Research analyst David Coleman downgraded Cleveland-Cliffs Inc. CLF from Buy to Hold, saying, “earnings are in a down cycle due to pricing.”

3. ArcelorMittal announced fourth-quarter and full-year results for 2023. After an accident at the Kostenko mine on Oct. 28, 2023, that significantly impacted performance, the company has made health and safety a priority, commissioning dss+ Consulting to conduct an independent company-wide safety audit of its operations.

ArcelorMittal reported $7.6 billion in EBITDA, $2.9 billion in free cash flow and an adjusted net income of $4.9 billion while maintaining net debt of $2.9 billion and $13.2 billion in liquidity ($7.8 billion in cash equivalents and $5.4 billion of available credit lines).

The company also aggressively repurchased shares, reducing them by 33% since late 2020, proposed a higher annual dividend of $0.50 per share and is continuing its policy of returning at least 50% of post-dividend free cash flow through share buybacks.

ArcelorMittal plans to enhance EBITDA by $1.8 billion by 2026 through strategic investments and decarbonization efforts.

4. Newmont Corporation NEM and Project C.U.R.E. announced a five-year agreement to deliver medical supplies and life-saving training for healthcare providers in developing countries and communities near Newmont mining operations.

Newmont is committing to an annual contribution of $200,000 over the next five years, for a total of $1 million. Since 2005, Newmont has distributed more than $42 million in medical supplies and equipment with Project C.U.R.E.

Newmont’s Chief Safety and Sustainability Officer Suzy Retallack said, “Creating a positive impact on more than 10 million people globally, through our partnership with Project C.U.R.E. is something we are incredibly proud of.... For nearly two decades, our partnership has helped deliver support to host communities near our operations and around the world. We look forward to continuing to leverage our combined global reach to make a strong impact where it is needed most.”

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