Cliffs Natural Resources Inc. (NYSE:CLF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Cleveland-Cliffs swung to a profit in third-quarter 2017. Both earnings and sales beat the respective Zacks Consensus Estimate. The company, however, cut its sales volume outlook for 2017. Cleveland-Cliffs has underperformed the industry it belongs to year to date. The company is faced with a challenging operating environment and pricing headwinds. Rising global supplies are expected to put downward pressure on iron ore prices in the balance of 2017. Demand for iron ore in China also remain soft. “

A number of other brokerages have also issued reports on CLF. BidaskClub raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Axiom Securities reaffirmed a “sell” rating on shares of Cliffs Natural Resources in a research note on Monday, July 31st. Jefferies Group LLC began coverage on shares of Cliffs Natural Resources in a research note on Friday, July 7th. They issued a “buy” rating and a $9.00 price objective for the company. TheStreet raised shares of Cliffs Natural Resources from a “d+” rating to a “c” rating in a research note on Monday, July 31st. Finally, ValuEngine raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $8.79.

Cliffs Natural Resources (NYSE:CLF) last issued its earnings results on Friday, October 20th. The mining company reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.06. The firm had revenue of $698.00 million during the quarter, compared to analyst estimates of $669.25 million. Cliffs Natural Resources had a net margin of 5.48% and a negative return on equity of 29.06%. The business’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) earnings per share.

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In other news, Chairman Lourenco Goncalves purchased 100,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was acquired at an average cost of $7.11 per share, with a total value of $711,000.00. Following the completion of the transaction, the chairman now owns 3,586,970 shares in the company, valued at approximately $25,503,356.70. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB increased its holdings in shares of Cliffs Natural Resources by 12.1% during the second quarter. Nordea Investment Management AB now owns 716,957 shares of the mining company’s stock valued at $4,961,000 after acquiring an additional 77,549 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cliffs Natural Resources by 30.0% during the first quarter. Geode Capital Management LLC now owns 3,125,683 shares of the mining company’s stock valued at $25,661,000 after acquiring an additional 721,544 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cliffs Natural Resources by 53.3% during the first quarter. Vanguard Group Inc. now owns 25,642,631 shares of the mining company’s stock valued at $210,526,000 after acquiring an additional 8,918,169 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Cliffs Natural Resources by 7.0% during the first quarter. Principal Financial Group Inc. now owns 160,889 shares of the mining company’s stock valued at $1,321,000 after acquiring an additional 10,519 shares in the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Cliffs Natural Resources by 0.3% during the second quarter. Alps Advisors Inc. now owns 52,796 shares of the mining company’s stock valued at $365,000 after acquiring an additional 137 shares in the last quarter. 58.12% of the stock is owned by institutional investors and hedge funds.

Cliffs Natural Resources Company Profile

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.

Analyst Recommendations for Cliffs Natural Resources (NYSE:CLF)

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