Cliffs Natural Resources Inc. (NYSE:CLF) Stake Boosted by Traynor Capital Management Inc.
Traynor Capital Management Inc. raised its position in Cliffs Natural Resources Inc. (NYSE:CLF) by 67.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,435 shares of the mining company’s stock after buying an additional 21,451 shares during the period. Traynor Capital Management Inc.’s holdings in Cliffs Natural Resources were worth $391,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of 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 worth $152,330,000 after buying an additional 18,477,059 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of 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 worth $210,526,000 after buying an additional 8,918,169 shares during the last quarter. Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth $45,125,000. Bridgewater Associates LP acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth $31,595,000. Finally, Wellington Management Group LLP increased its stake in shares of Cliffs Natural Resources by 574.0% in the first quarter. Wellington Management Group LLP now owns 4,366,103 shares of the mining company’s stock worth $35,846,000 after buying an additional 3,718,310 shares during the last quarter. Hedge funds and other institutional investors own 66.58% of the company’s stock.
Shares of Cliffs Natural Resources Inc. (NYSE CLF) traded down 0.7469% during mid-day trading on Friday, hitting $7.1363. The stock had a trading volume of 1,598,360 shares. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 32.7353 and a beta of 1.69. The stock’s 50-day moving average is $7.23 and its 200 day moving average is $7.82. Cliffs Natural Resources Inc. has a 1-year low of $4.91 and a 1-year high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last issued its earnings results on Thursday, July 27th. The mining company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.08. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The company had revenue of $569.30 million for the quarter, compared to analysts’ expectations of $485.93 million. During the same quarter last year, the company posted $0.07 earnings per share. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. Equities research analysts predict that Cliffs Natural Resources Inc. will post $0.91 EPS for the current fiscal year.
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CLF has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $7.75 price target for the company in a report on Thursday, April 20th. FBR & Co upgraded Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $11.00 to $10.00 in a report on Friday, April 28th. ValuEngine upgraded Cliffs Natural Resources from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 11th. TheStreet downgraded Cliffs Natural Resources from a “c” rating to a “d+” rating in a report on Thursday, May 4th. Finally, Cowen and Company reiterated a “market perform” rating and set a $7.00 price target on shares of Cliffs Natural Resources in a report on Wednesday, June 28th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Cliffs Natural Resources presently has an average rating of “Hold” and a consensus price target of $8.50.
In related news, Chairman Lourenco Goncalves bought 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average price of $7.19 per share, for a total transaction of $719,000.00. Following the completion of the acquisition, the chairman now owns 3,486,970 shares of the company’s stock, valued at approximately $25,071,314.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.
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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