Cliffs Natural Resources Inc. (CLF) Shares Up 3.9%
Cliffs Natural Resources Inc. (NYSE:CLF)’s share price shot up 3.9% during trading on Wednesday . The stock traded as high as $5.87 and last traded at $5.81, with a volume of 7,021,772 shares trading hands. The stock had previously closed at $5.59.
Several brokerages have commented on CLF. Macquarie reiterated a “hold” rating on shares of Cliffs Natural Resources in a report on Saturday, April 9th. Cowen and Company restated a “hold” rating on shares of Cliffs Natural Resources in a research note on Saturday, April 30th. Zacks Investment Research upgraded shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $5.25 price objective on the stock in a research note on Wednesday, May 4th. FBR & Co restated a “market perform” rating and issued a $4.00 price objective (up previously from $3.00) on shares of Cliffs Natural Resources in a research note on Friday, April 29th. Finally, Axiom Securities restated a “sell” rating on shares of Cliffs Natural Resources in a research note on Monday, May 23rd. Eight research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $4.21.
The firm has a market capitalization of $1.06 billion and a P/E ratio of 11.57. The firm’s 50 day moving average price is $4.57 and its 200 day moving average price is $3.10.
Cliffs Natural Resources (NYSE:CLF) last posted its earnings results on Thursday, April 28th. The mining company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.81. The business had revenue of $306 million for the quarter, compared to analyst estimates of $280.92 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The firm’s revenue was down 31.4% compared to the same quarter last year. Equities research analysts predict that Cliffs Natural Resources Inc. will post $0.64 EPS for the current year.
In related news, Director Douglas C. Taylor sold 7,231,520 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $3.81, for a total transaction of $27,552,091.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lourenco Goncalves bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were acquired at an average cost of $3.04 per share, for a total transaction of $304,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,475,044 shares in the company, valued at approximately $7,524,133.76. The disclosure for this purchase can be found here.
A hedge fund recently raised its stake in Cliffs Natural Resources stock. California Public Employees Retirement System raised its position in Cliffs Natural Resources Inc. (NYSE:CLF) by 25.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 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.
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