Cliffs Natural Resources Inc. (CLF) Hits New 1-Year High at $6.24
Cliffs Natural Resources Inc. (NYSE:CLF) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $6.24 and last traded at $5.91, with a volume of 8,993,356 shares trading hands. The stock had previously closed at $5.81.
A number of research analysts recently issued reports on CLF shares. Morgan Stanley decreased their target price on Cliffs Natural Resources from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Monday, March 28th. Zacks Investment Research upgraded Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $2.75 target price for the company in a report on Friday, March 11th. Bank of America Corp. reiterated an “underperform” rating on shares of Cliffs Natural Resources in a report on Thursday, March 17th. Nomura Holdings Inc. reiterated a “reduce” rating and issued a $1.50 target price on shares of Cliffs Natural Resources in a report on Friday, March 18th. Finally, Credit Suisse Group AG started coverage on Cliffs Natural Resources in a report on Thursday, March 10th. They issued an “underperform” rating and a $1.00 target price for the company. Eight equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $4.21.
The stock’s 50-day moving average is $4.57 and its 200 day moving average is $3.10. The company has a market cap of $1.08 billion and a PE ratio of 11.77.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings results on Thursday, April 28th. The mining company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.81. The company earned $306 million during the quarter, compared to analyst estimates of $280.92 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The firm’s revenue for the quarter was down 31.4% on a year-over-year basis. On average, equities analysts expect that Cliffs Natural Resources Inc. will post $0.64 earnings per share for the current fiscal year.
In other Cliffs Natural Resources news, CEO Lourenco Goncalves bought 100,000 shares of the stock in a transaction dated Monday, May 9th. The stock was bought at an average cost of $3.04 per share, for a total transaction of $304,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,475,044 shares of the company’s stock, valued at $7,524,133.76. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas C. Taylor sold 7,231,520 shares of the firm’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $3.81, for a total value of $27,552,091.20. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Cliffs Natural Resources stock. Zweig DiMenna Associates LLC raised its stake in shares of Cliffs Natural Resources Inc. (NYSE:CLF) by 98.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,017,896 shares of the mining company’s stock after buying an additional 505,696 shares during the period. Zweig DiMenna Associates LLC owned 0.66% of Cliffs Natural Resources worth $1,608,000 as of its most recent SEC filing.
Cliffs Natural Resources Inc is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company’s segments include U.S. Iron Ore and Asia Pacific Iron Ore. The Company is a producer of iron ore pellets, primarily selling production from U.S.
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