Cliffs Natural Resources Inc. (CLF) Bonds Trading 1% Lower
An issue of Cliffs Natural Resources Inc. (NYSE:CLF) debt fell 1% as a percentage of its face value during trading on Monday. The debt issue has a 5.75% coupon and is set to mature on March 1, 2025. The bonds in the issue are now trading at $98.00 and were trading at $99.25 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.
CLF has been the topic of several analyst reports. BidaskClub raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. FBR & Co raised shares of Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Friday, April 28th. Zacks Investment Research lowered shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. ValuEngine lowered shares of Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Axiom Securities reaffirmed a “sell” rating on shares of Cliffs Natural Resources in a research report on Thursday, July 13th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $8.50.
Shares of Cliffs Natural Resources Inc. (CLF) opened at 7.86 on Wednesday. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 45.96 and a beta of 1.66. The firm has a 50-day moving average price of $6.68 and a 200-day moving average price of $7.95. Cliffs Natural Resources Inc. has a 12 month low of $4.91 and a 12 month high of $12.37. Cliffs Natural Resources also saw unusually large options trading activity on Monday. Traders acquired 1,191 put options on the company. This is an increase of approximately 121% compared to the average volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings results on Thursday, April 27th. The mining company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.27. The company had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $412.71 million. Cliffs Natural Resources had a negative return on equity of 5.79% and a net margin of 1.68%. The business’s revenue for the quarter was up 51.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. Equities analysts expect that Cliffs Natural Resources Inc. will post $0.87 EPS for the current fiscal year.
In related news, Chairman Lourenco Goncalves purchased 200,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were bought at an average price of $6.31 per share, with a total value of $1,262,000.00. Following the completion of the purchase, the chairman now directly owns 2,855,296 shares in the company, valued at approximately $18,016,917.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Baldwin purchased 6,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were bought at an average cost of $6.32 per share, for a total transaction of $37,920.00. Following the purchase, the director now owns 87,991 shares of the company’s stock, valued at $556,103.12. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 215,250 shares of company stock worth $1,361,283. 0.46% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the company. SFE Investment Counsel bought a new position in Cliffs Natural Resources during the first quarter worth $112,000. Quantum Capital Management bought a new position in Cliffs Natural Resources during the first quarter worth $113,000. Nuveen Asset Management LLC increased its position in shares of Cliffs Natural Resources by 1.2% in the first quarter. Nuveen Asset Management LLC now owns 13,974 shares of the mining company’s stock worth $115,000 after buying an additional 164 shares in the last quarter. Invictus RG acquired a new position in shares of Cliffs Natural Resources during the first quarter worth approximately $121,000. Finally, 361 Capital LLC acquired a new position in shares of Cliffs Natural Resources during the first quarter worth approximately $129,000. 66.64% of the stock is currently owned by institutional investors.
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Cliffs Natural Resources Company Profile
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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