Cliffs Natural Resources Inc. (CLF) Rating Reiterated by Credit Suisse Group AG
Cliffs Natural Resources Inc. (NYSE:CLF)‘s stock had its “underperform” rating reaffirmed by equities researchers at Credit Suisse Group AG in a research report issued on Friday. They currently have a $2.00 target price on the mining company’s stock, down from their previous target price of $5.58. Credit Suisse Group AG’s price target points to a potential downside of 64.29% from the stock’s current price.
Several other research analysts also recently weighed in on the company. Morgan Stanley reiterated a “sell” rating and issued a $2.00 price target on shares of Cliffs Natural Resources in a report on Tuesday, August 16th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $10.50 price target (up from $7.00) on shares of Cliffs Natural Resources in a report on Tuesday, July 12th. Zacks Investment Research downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a report on Monday, August 29th. FBR & Co boosted their price target on Cliffs Natural Resources from $4.00 to $7.00 and gave the company a “market perform” rating in a report on Tuesday, July 26th. Finally, Axiom Securities reiterated a “sell” rating on shares of Cliffs Natural Resources in a report on Tuesday, August 30th. Seven analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Cliffs Natural Resources presently has a consensus rating of “Hold” and an average target price of $4.87.
Shares of Cliffs Natural Resources (NYSE:CLF) traded up 1.96% during mid-day trading on Friday, hitting $5.71. The stock had a trading volume of 679,243 shares. Cliffs Natural Resources has a 12-month low of $1.20 and a 12-month high of $8.45. The company’s 50 day moving average price is $5.84 and its 200 day moving average price is $5.21. The stock has a market cap of $1.05 billion, a P/E ratio of 28.41 and a beta of 1.75.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 28th. The mining company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.00 by $0.07. The business earned $496 million during the quarter, compared to analyst estimates of $482.37 million. The company’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.28) earnings per share. Equities research analysts predict that Cliffs Natural Resources will post $1.09 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Cliffs Natural Resources by 15.1% in the first quarter. BlackRock Inc. now owns 35,494 shares of the mining company’s stock worth $107,000 after buying an additional 4,666 shares during the last quarter. Stifel Financial Corp boosted its position in Cliffs Natural Resources by 20.8% in the second quarter. Stifel Financial Corp now owns 19,532 shares of the mining company’s stock worth $111,000 after buying an additional 3,360 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Cliffs Natural Resources by 19.0% in the second quarter. Teacher Retirement System of Texas now owns 19,954 shares of the mining company’s stock worth $113,000 after buying an additional 3,189 shares during the last quarter. LMR Partners LLP purchased a new position in Cliffs Natural Resources during the second quarter worth $114,000. Finally, Amalgamated Bank boosted its position in Cliffs Natural Resources by 16.4% in the second quarter. Amalgamated Bank now owns 19,188 shares of the mining company’s stock worth $127,000 after buying an additional 2,710 shares during the last quarter. 50.66% of the stock is owned by institutional investors.
About Cliffs Natural Resources
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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