Cliffs Natural Resources Inc. (CLF) Downgraded by BidaskClub to Hold
Cliffs Natural Resources Inc. (NYSE:CLF) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Tuesday.
CLF has been the topic of a number of other research reports. FBR & Co raised Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $11.00 to $10.00 in a report on Friday, April 28th. J P Morgan Chase & Co increased their target price on Cliffs Natural Resources from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, March 27th. Zacks Investment Research downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a report on Friday, April 21st. ValuEngine downgraded Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a report on Thursday, July 13th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.50.
Shares of Cliffs Natural Resources (NYSE CLF) traded up 4.867% during midday trading on Tuesday, reaching $7.865. The company had a trading volume of 12,257,515 shares. The company has a 50 day moving average of $6.68 and a 200 day moving average of $7.95. Cliffs Natural Resources has a 12-month low of $4.91 and a 12-month high of $12.37. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 45.994 and a beta of 1.65. Cliffs Natural Resources also saw some unusual options trading on Monday. Traders acquired 1,191 put options on the company. This is an increase of approximately 121% compared to the typical daily volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last posted its earnings results on Thursday, April 27th. The mining company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by $0.27. Cliffs Natural Resources had a net margin of 1.68% and a negative return on equity of 5.79%. The firm had revenue of $461.60 million during the quarter, compared to the consensus estimate of $412.71 million. During the same period in the prior year, the company posted $0.62 EPS. The firm’s revenue was up 51.1% compared to the same quarter last year. Analysts anticipate that Cliffs Natural Resources will post $0.87 EPS for the current year.
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In other news, Chairman Lourenco Goncalves purchased 200,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was acquired at an average price of $6.31 per share, for a total transaction of $1,262,000.00. Following the acquisition, the chairman now directly owns 2,855,296 shares of the company’s stock, valued at approximately $18,016,917.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Baldwin purchased 6,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average price of $6.32 per share, with a total value of $37,920.00. Following the acquisition, the director now directly owns 87,991 shares in the company, valued at $556,103.12. The disclosure for this purchase can be found here. Insiders have purchased a total of 215,250 shares of company stock worth $1,361,283 in the last three months. 0.46% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Cliffs Natural Resources by 53.3% in the first quarter. Vanguard Group Inc. now owns 25,642,631 shares of the mining company’s stock valued at $210,526,000 after buying an additional 8,918,169 shares in the last quarter. BlackRock Inc. boosted its position in Cliffs Natural Resources by 23,956.0% in the first quarter. BlackRock Inc. now owns 18,554,188 shares of the mining company’s stock valued at $152,330,000 after buying an additional 18,477,059 shares in the last quarter. State Street Corp boosted its position in Cliffs Natural Resources by 25.7% in the first quarter. State Street Corp now owns 10,067,676 shares of the mining company’s stock valued at $82,654,000 after buying an additional 2,059,034 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in Cliffs Natural Resources during the first quarter valued at $45,125,000. Finally, Dimensional Fund Advisors LP boosted its position in Cliffs Natural Resources by 93.7% in the first quarter. Dimensional Fund Advisors LP now owns 5,241,713 shares of the mining company’s stock valued at $43,034,000 after buying an additional 2,535,927 shares in the last quarter. Institutional investors and hedge funds own 66.64% of the company’s stock.
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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