Traders Buy Cliffs Natural Resources Inc. (CLF) on Weakness
Traders purchased shares of Cliffs Natural Resources Inc. (NYSE:CLF) on weakness during trading on Thursday. $46.22 million flowed into the stock on the tick-up and $34.65 million flowed out of the stock on the tick-down, for a money net flow of $11.57 million into the stock. Of all companies tracked, Cliffs Natural Resources had the 11th highest net in-flow for the day. Cliffs Natural Resources traded down ($0.45) for the day and closed at $6.62
A number of brokerages have recently issued reports on CLF. Cowen and Company reaffirmed a “hold” rating on shares of Cliffs Natural Resources in a research report on Saturday, April 30th. Macquarie raised Cliffs Natural Resources from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $4.00 to $7.50 in a research report on Friday, June 10th. FBR & Co lifted their target price on Cliffs Natural Resources from $3.00 to $4.00 and gave the stock a “mkt perform” rating in a research report on Thursday, May 5th. TheStreet raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $10.50 target price (up from $7.00) on shares of Cliffs Natural Resources in a research report on Tuesday, July 12th. Eight analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $5.57.
The firm has a market capitalization of $1.17 billion and a price-to-earnings ratio of 31.59. The stock has a 50-day moving average of $6.89 and a 200 day moving average of $4.17.
Cliffs Natural Resources (NYSE:CLF) last released its quarterly earnings results on Thursday, July 28th. The mining company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.00 by $0.07. The firm had revenue of $496 million for the quarter, compared to the consensus estimate of $482.37 million. During the same quarter last year, the company earned ($0.28) earnings per share. The firm’s revenue was down .4% on a year-over-year basis. Analysts anticipate that Cliffs Natural Resources Inc. will post $1.13 EPS for the current year.
An institutional investor recently raised its position in Cliffs Natural Resources stock. California Public Employees Retirement System boosted its position in shares of Cliffs Natural Resources Inc. (NYSE:CLF) by 25.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. 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 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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