Cliffs Natural Resources Inc. (CLF) Trading Down 5.6%
Cliffs Natural Resources Inc. (NYSE:CLF) shares traded 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 changing hands. The stock had previously closed at $7.45.
A number of research analysts recently commented on the company. Macquarie reiterated a “hold” rating on shares of Cliffs Natural Resources in a report on Saturday, April 9th. Cowen and Company reiterated a “hold” rating on shares of Cliffs Natural Resources in a report on Saturday, April 30th. Zacks Investment Research upgraded Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $5.25 price objective on the stock in a report on Wednesday, May 4th. FBR & Co reiterated a “market perform” rating and issued a $4.00 price objective (up from $3.00) on shares of Cliffs Natural Resources in a report on Friday, April 29th. Finally, Clarkson Capital upgraded Cliffs Natural Resources from a “sell” rating to a “neutral” rating in a report on Monday. Eight investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $4.84.
The company has a 50-day moving average price of $5.60 and a 200 day moving average price of $3.46. The stock has a market capitalization of $1.32 billion and a PE ratio of 14.472.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Thursday, April 28th. The mining company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.81. During the same quarter last 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 revenue was down 31.4% compared to the same quarter last year. Analysts expect that Cliffs Natural Resources Inc. will post $0.57 EPS for the current year.
In related news, CEO Lourenco Goncalves purchased 100,000 shares of the firm’s stock in a transaction 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 acquisition, the chief executive officer now directly owns 2,475,044 shares in the company, valued at $7,524,133.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas C. Taylor sold 7,231,520 shares of Cliffs Natural Resources stock in a transaction on Friday, May 6th. The shares were sold at an average price of $3.81, for a total transaction 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 position in shares of Cliffs Natural Resources Inc. (NYSE:CLF) by 98.7% during the fourth quarter, according to its most recent 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 at the end of the most recent quarter.
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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