Cowen and Company set a $7.00 target price on Cliffs Natural Resources Inc. (NYSE:CLF) in a research report sent to investors on Tuesday morning. The brokerage currently has a hold rating on the mining company’s stock.
A number of other brokerages have also weighed in on CLF. BidaskClub upgraded Cliffs Natural Resources from a hold rating to a buy rating in a report on Thursday, July 6th. Axiom Securities restated a sell rating on shares of Cliffs Natural Resources in a report on Monday, July 31st. Jefferies Group LLC started coverage on Cliffs Natural Resources in a report on Friday, July 7th. They issued a buy rating and a $9.00 price objective on the stock. TheStreet upgraded Cliffs Natural Resources from a d+ rating to a c rating in a report on Monday, July 31st. Finally, ValuEngine upgraded Cliffs Natural Resources from a hold rating to a buy rating in a report on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Cliffs Natural Resources presently has an average rating of Hold and an average target price of $9.29.
Cliffs Natural Resources (NYSE:CLF) traded up 2.159% during trading on Tuesday, hitting $7.335. 2,997,102 shares of the stock traded hands. Cliffs Natural Resources has a 52-week low of $4.91 and a 52-week high of $12.37. The stock has a market cap of $2.17 billion, a P/E ratio of 33.647 and a beta of 1.65. The stock has a 50 day moving average price of $7.47 and a 200-day moving average price of $7.07.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 27th. The mining company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. The company had revenue of $569.30 million for the quarter, compared to analyst estimates of $485.93 million. Cliffs Natural Resources had a negative return on equity of 13.83% and a net margin of 2.44%. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 EPS. On average, analysts anticipate that Cliffs Natural Resources will post $0.88 EPS for the current fiscal year.
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In related news, Chairman Lourenco Goncalves purchased 100,000 shares of Cliffs Natural Resources stock in a transaction dated Friday, September 15th. The shares were acquired at an average price of $7.11 per share, for a total transaction of $711,000.00. Following the acquisition, the chairman now directly owns 3,586,970 shares in the company, valued at $25,503,356.70. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Nuveen Asset Management LLC raised its holdings in shares of 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 worth $115,000 after acquiring an additional 164 shares during the period. Comerica Bank raised its holdings in shares of Cliffs Natural Resources by 49.5% during the 2nd quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock worth $116,000 after acquiring an additional 5,129 shares during the period. Invictus RG purchased a new position in shares of Cliffs Natural Resources during the 1st quarter worth $121,000. ARP Americas LLC raised its holdings in shares of Cliffs Natural Resources by 72.5% during the 2nd quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock worth $122,000 after acquiring an additional 7,400 shares during the period. Finally, D.A. Davidson & CO. raised its holdings in shares of 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 worth $128,000 after acquiring an additional 15,428 shares during the period. Institutional investors and hedge funds 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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