Cliffs Natural Resources Inc. (CLF) Given Buy Rating at Jefferies Group LLC
CLF has been the topic of a number of other reports. ValuEngine lowered Cliffs Natural Resources from a strong-buy rating to a buy rating in a research note on Friday, September 1st. Axiom Securities reiterated a sell rating on shares of Cliffs Natural Resources in a research note on Tuesday, July 25th. BidaskClub upgraded Cliffs Natural Resources from a sell rating to a hold rating in a research note on Tuesday, June 27th. FBR & Co reiterated a buy rating and set a $10.00 price objective on shares of Cliffs Natural Resources in a research note on Wednesday, September 6th. Finally, Cowen and Company reiterated a market perform rating and set a $7.00 price objective on shares of Cliffs Natural Resources in a research note on Wednesday, June 28th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $8.31.
Shares of Cliffs Natural Resources (NYSE:CLF) opened at 7.36 on Monday. The stock’s 50 day moving average price is $7.66 and its 200 day moving average price is $7.32. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 33.76 and a beta of 1.70. Cliffs Natural Resources has a 12-month low of $4.91 and a 12-month high of $12.37. Cliffs Natural Resources also saw some unusual options trading on Monday. Stock traders purchased 1,191 put options on the company. This represents an increase of 121% compared to the typical daily volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last released its quarterly earnings data on Thursday, July 27th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. Cliffs Natural Resources had a negative return on equity of 13.83% and a net margin of 2.44%. The company had revenue of $569.30 million for the quarter, compared to analyst estimates of $485.93 million. During the same period in the previous year, the company posted $0.07 EPS. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. Equities research analysts expect that Cliffs Natural Resources will post $0.97 earnings per share for the current year.
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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 stock was bought at an average cost of $7.19 per share, for a total transaction of $719,000.00. Following the acquisition, the chairman now directly owns 3,486,970 shares of the company’s stock, valued at approximately $25,071,314.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Nuveen Asset Management LLC boosted its holdings in Cliffs Natural Resources by 1.2% during the 1st quarter. Nuveen Asset Management LLC now owns 13,974 shares of the mining company’s stock valued at $115,000 after acquiring an additional 164 shares during the period. Comerica Bank boosted its holdings in Cliffs Natural Resources by 49.5% during the 2nd quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock valued at $116,000 after acquiring an additional 5,129 shares during the period. Invictus RG purchased a new stake in Cliffs Natural Resources during the 1st quarter valued at about $121,000. ARP Americas LLC boosted its holdings in Cliffs Natural Resources by 72.5% during the 2nd quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock valued at $122,000 after acquiring an additional 7,400 shares during the period. Finally, D.A. Davidson & CO. boosted its holdings in Cliffs Natural Resources by 486.8% during the 2nd quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock valued at $128,000 after acquiring an additional 15,428 shares during the period. Institutional investors own 58.28% of the company’s stock.
About Cliffs Natural Resources
Cleveland-Cliffs Inc, formerly 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.
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