Cliffs Natural Resources Inc. (CLF) Shares Up 6.3%
Cliffs Natural Resources Inc. (NYSE:CLF) shot up 6.3% during mid-day trading on Monday . The company traded as high as $6.78 and last traded at $6.75, with a volume of 10,106,315 shares trading hands. The stock had previously closed at $6.35.
A number of research firms have recently issued reports on CLF. Zacks Investment Research raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $5.25 price target on the stock in a research note on Wednesday, May 4th. FBR & Co increased their price objective on shares of Cliffs Natural Resources from $4.00 to $7.00 and gave the company a “market perform” rating in a research report on Tuesday, July 26th. TheStreet raised shares of Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. Macquarie raised shares of Cliffs Natural Resources from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $4.00 to $7.50 in a research report on Friday, June 10th. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a $10.50 price objective (up from $7.00) on shares of Cliffs Natural Resources in a research report on Tuesday, July 12th. Eight research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $4.66.
The firm has a market capitalization of $1.17 billion and a PE ratio of 31.59. The firm’s 50-day moving average is $6.99 and its 200-day moving average is $4.28.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 28th. The mining company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.00 by $0.07. The company earned $496 million during the quarter, compared to the consensus estimate of $482.37 million. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.28) EPS. Analysts anticipate that Cliffs Natural Resources Inc. will post $1.13 earnings per share for the current fiscal year.
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 Form 13F filing with the Securities and Exchange Commission (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 about 1.39% of Cliffs Natural Resources worth $3,364,000 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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