Cliffs Natural Resources Inc. (CLF) Stake Boosted by Wedbush Securities Inc.
Wedbush Securities Inc. raised its stake in Cliffs Natural Resources Inc. (NYSE:CLF) by 42.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,650 shares of the mining company’s stock after buying an additional 6,700 shares during the period. Wedbush Securities Inc.’s holdings in Cliffs Natural Resources were worth $157,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased 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 during the last quarter. Vanguard Group Inc. increased 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 during the last quarter. Old Mutual Global Investors UK Ltd. acquired a new position in Cliffs Natural Resources during the first quarter valued at $45,125,000. Bridgewater Associates LP acquired a new position in Cliffs Natural Resources during the first quarter valued at $31,595,000. Finally, Wellington Management Group LLP increased its position in 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 valued at $35,846,000 after buying an additional 3,718,310 shares during the last quarter. Institutional investors and hedge funds own 65.23% of the company’s stock.
Shares of Cliffs Natural Resources Inc. (CLF) opened at 7.36 on Wednesday. Cliffs Natural Resources Inc. has a 12 month low of $4.91 and a 12 month high of $12.37. The company has a market capitalization of $2.18 billion, a P/E ratio of 33.76 and a beta of 1.69. The company has a 50-day moving average price of $7.35 and a 200-day moving average price of $7.72. Cliffs Natural Resources also saw unusually large options trading on Monday. Stock traders acquired 1,191 put options on the stock. This is an increase of approximately 121% compared to the average daily volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last released its quarterly earnings results on Thursday, July 27th. The mining company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.08. The company had revenue of $569.30 million during the quarter, compared to the consensus estimate of $485.93 million. Cliffs Natural Resources had a negative return on equity of 13.83% and a net margin of 2.44%. Cliffs Natural Resources’s revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 earnings per share. On average, analysts forecast that Cliffs Natural Resources Inc. will post $0.94 EPS for the current fiscal year.
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CLF has been the subject of several recent analyst reports. FBR & Co upgraded Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $11.00 to $10.00 in a research note on Friday, April 28th. ValuEngine upgraded Cliffs Natural Resources from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 11th. Zacks Investment Research upgraded Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. TheStreet downgraded Cliffs Natural Resources from a “c” rating to a “d+” rating in a research note on Thursday, May 4th. Finally, Cowen and Company restated a “market perform” rating and issued a $7.00 price target on shares of Cliffs Natural Resources in a research note on Wednesday, June 28th. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $8.50.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves acquired 100,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were acquired 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 directly owns 3,486,970 shares of the company’s stock, valued at $25,071,314.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by company insiders.
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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