Shares of Cliffs Natural Resources Inc. (NYSE:CLF) dropped 5.9% on Wednesday . The company traded as low as $5.83 and last traded at $5.90, with a volume of 8,445,555 shares traded. The stock had previously closed at $6.27.

CLF has been the topic of a number of research reports. Morgan Stanley reaffirmed a “sell” rating and set a $2.00 target price on shares of Cliffs Natural Resources in a research report on Tuesday, August 16th. 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. FBR & Co raised their target price on shares of Cliffs Natural Resources from $4.00 to $7.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 26th. Zacks Investment Research raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Monday, July 25th. Finally, Macquarie raised shares of Cliffs Natural Resources from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $4.00 to $7.50 in a research report on Friday, June 10th. Seven research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $4.66.

The company has a 50 day moving average of $7.07 and a 200-day moving average of $4.46. The company has a market capitalization of $1.08 billion and a price-to-earnings ratio of 29.35.

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 analysts’ consensus estimates of $0.00 by $0.07. During the same period last year, the firm posted ($0.28) earnings per share. The company earned $496 million during the quarter, compared to analysts’ expectations of $482.37 million. Cliffs Natural Resources’s revenue was down .4% on a year-over-year basis. Analysts predict that Cliffs Natural Resources Inc. will post $1.13 EPS for the current fiscal year.

An institutional investor recently raised its position in Cliffs Natural Resources stock. Schwab Charles Investment Management Inc. increased its position in shares of Cliffs Natural Resources Inc. (NYSE:CLF) by 28.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,264,421 shares of the mining company’s stock after buying an additional 278,523 shares during the period. Schwab Charles Investment Management Inc. owned about 0.82% of Cliffs Natural Resources worth $1,998,000 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.