Cliffs Natural Resources Inc. (CLF) Reaches 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. The stock had previously closed at $5.81.
CLF has been the subject of a number of research analyst reports. Morgan Stanley decreased their price target on shares of 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 raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $2.75 price target for the company in a report on Friday, March 11th. Bank of America Corp. reaffirmed an “underperform” rating on shares of Cliffs Natural Resources in a report on Thursday, March 17th. Nomura Holdings Inc. reaffirmed a “reduce” rating and issued a $1.50 price target on shares of Cliffs Natural Resources in a report on Friday, March 18th. Finally, JPMorgan Chase & Co. raised shares of Cliffs Natural Resources from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $3.07 to $7.00 in a report on Tuesday, May 31st. Eight analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $4.21.
The stock’s 50 day moving average is $4.75 and its 200 day moving average is $3.15. The company has a market cap of $1.11 billion and a price-to-earnings ratio of 12.15.
Cliffs Natural Resources (NYSE:CLF) last issued its 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. The company’s quarterly revenue was down 31.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. Equities research analysts forecast that Cliffs Natural Resources Inc. will post $0.64 EPS for the current year.
In related news, Director Douglas C. Taylor sold 7,231,520 shares of the company’s stock in a transaction on Friday, May 6th. The shares were sold at an average price of $3.81, for a total value of $27,552,091.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lourenco Goncalves purchased 100,000 shares of Cliffs Natural Resources stock in a transaction that occurred on Monday, May 9th. The stock was acquired at an average price of $3.04 per share, with a total value of $304,000.00. Following the transaction, the chief executive officer now owns 2,475,044 shares in the company, valued at $7,524,133.76. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Cliffs Natural Resources stock. California Public Employees Retirement System raised its stake in shares of Cliffs Natural Resources Inc. (NYSE:CLF) by 25.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,129,000 shares of the mining company’s stock after buying an additional 431,700 shares during the period. California Public Employees Retirement System owned approximately 1.39% of Cliffs Natural Resources worth $3,364,000 as of its most recent filing with the SEC.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.