Cliffs Natural Resources Inc. (CLF) Trading Down 5.6%
Cliffs Natural Resources Inc. (NYSE:CLF) shares were down 5.6% during trading on Tuesday . The company traded as low as $7.02 and last traded at $7.03, with a volume of 5,269,603 shares trading hands. The stock had previously closed at $7.45.
A number of research analysts recently commented on CLF shares. Morgan Stanley lowered their price objective on shares of Cliffs Natural Resources from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Monday, March 28th. Cowen and Company boosted their price objective on shares of Cliffs Natural Resources from $3.00 to $6.00 and gave the company a “market perform” rating in a research report on Friday, April 29th. Axiom Securities reaffirmed a “sell” rating on shares of Cliffs Natural Resources in a research report on Monday, May 23rd. Zacks Investment Research downgraded shares of Cliffs Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 8th. Finally, Macquarie reaffirmed a “hold” rating on shares of Cliffs Natural Resources in a research report on Saturday, April 9th. Eight analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Cliffs Natural Resources has a consensus rating of “Hold” and an average price target of $4.84.
The company’s 50-day moving average is $5.48 and its 200-day moving average is $3.41. The company has a market capitalization of $1.28 billion and a PE ratio of 14.00.
Cliffs Natural Resources (NYSE:CLF) last posted its earnings results on Thursday, April 28th. The mining company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.81. During the same period in the prior year, the business posted $0.02 EPS. The firm had revenue of $306 million for the quarter, compared to analyst estimates of $280.92 million. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. On average, equities analysts predict that Cliffs Natural Resources Inc. will post $0.57 earnings per share for the current year.
In related news, CEO Lourenco Goncalves purchased 100,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were bought at an average price of $3.04 per share, for a total transaction of $304,000.00. Following the completion of the transaction, the chief executive officer now owns 2,475,044 shares of the company’s stock, valued at $7,524,133.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas C. Taylor sold 7,231,520 shares of the firm’s stock in a transaction on Friday, May 6th. The stock was 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 increased its position in Cliffs Natural Resources Inc. (NYSE:CLF) by 98.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.
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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