PNC Financial Services Group Inc. decreased its position in Cliffs Natural Resources Inc. (NYSE:CLF) by 12.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,759 shares of the mining company’s stock after selling 4,781 shares during the period. PNC Financial Services Group Inc.’s holdings in Cliffs Natural Resources were worth $270,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Trexquant Investment LP acquired a new stake in Cliffs Natural Resources during the first quarter worth $340,000. Searle & CO. purchased a new stake in shares of Cliffs Natural Resources during the fourth quarter valued at approximately $1,326,000. Nationwide Fund Advisors increased its stake in shares of Cliffs Natural Resources by 61.7% in the first quarter. Nationwide Fund Advisors now owns 284,773 shares of the mining company’s stock valued at $2,338,000 after buying an additional 108,638 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Cliffs Natural Resources by 24.6% in the first quarter. Van ECK Associates Corp now owns 516,051 shares of the mining company’s stock valued at $4,237,000 after buying an additional 101,984 shares during the last quarter. Finally, Systematic Financial Management LP purchased a new stake in shares of Cliffs Natural Resources during the first quarter valued at approximately $2,759,000. 66.66% of the stock is owned by institutional investors and hedge funds.
Cliffs Natural Resources Inc. (CLF) opened at 7.40 on Tuesday. 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 $2.19 billion, a price-to-earnings ratio of 43.27 and a beta of 1.65. The stock has a 50 day moving average of $6.22 and a 200 day moving average of $8.17.
Cliffs Natural Resources (NYSE:CLF) last issued 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 during 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%. Cliffs Natural Resources’s quarterly revenue was up 51.1% compared to the same quarter last year. During the same period last year, the firm posted $0.62 earnings per share. Equities analysts anticipate that Cliffs Natural Resources Inc. will post $0.87 EPS for the current fiscal year.
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Several equities research analysts have commented on CLF shares. Zacks Investment Research downgraded shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, March 21st. J P Morgan Chase & Co upped their target price on shares of Cliffs Natural Resources from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, March 27th. FBR & Co raised shares of Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $11.00 to $10.00 in a research note on Friday, April 28th. TheStreet downgraded shares of Cliffs Natural Resources from a “c” rating to a “d+” rating in a research note on Thursday, May 4th. Finally, ValuEngine upgraded shares of Cliffs Natural Resources from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 11th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. Cliffs Natural Resources presently has a consensus rating of “Hold” and a consensus price target of $8.50.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves acquired 200,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average cost of $6.31 per share, with a total value of $1,262,000.00. Following the completion of the acquisition, the chairman now directly owns 2,855,296 shares in the company, valued at $18,016,917.76. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John T. Baldwin acquired 6,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average cost of $6.32 per share, for a total transaction of $37,920.00. Following the completion of the acquisition, 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. Insiders purchased a total of 215,250 shares of company stock worth $1,361,283 over the last three months. 0.46% of the stock is owned by insiders.
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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