Several other analysts have also recently commented on the stock. Zacks Investment Research cut shares of Cliffs Natural Resources from a hold rating to a sell rating in a research report on Wednesday, November 1st. J P Morgan Chase & Co cut shares of Cliffs Natural Resources from an overweight rating to a neutral rating and upped their target price for the company from $6.90 to $10.00 in a research report on Monday, October 23rd. FBR & Co reiterated a buy rating and set a $10.00 target price on shares of Cliffs Natural Resources in a research report on Friday, October 20th. Cowen and Company set a $7.00 target price on shares of Cliffs Natural Resources and gave the company a hold rating in a research report on Tuesday, October 17th. Finally, KeyCorp reiterated a hold rating on shares of Cliffs Natural Resources in a research report on Tuesday, September 19th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Cliffs Natural Resources has an average rating of Hold and a consensus target price of $8.97.
Cliffs Natural Resources (NYSE:CLF) opened at $6.13 on Friday. The firm has a market cap of $1,817.61, a P/E ratio of 6.66 and a beta of 1.58. Cliffs Natural Resources has a 1 year low of $5.56 and a 1 year high of $12.37. The company has a quick ratio of 1.18, a current ratio of 1.89 and a debt-to-equity ratio of -2.03.
Cliffs Natural Resources (NYSE:CLF) last issued its earnings results on Friday, October 20th. The mining company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.30 by $0.06. The company had revenue of $698.00 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.11) EPS. analysts expect that Cliffs Natural Resources will post 0.49 earnings per share for the current fiscal year.
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In related news, Chairman Lourenco Goncalves bought 100,000 shares of Cliffs Natural Resources stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average cost of $7.11 per share, with a total value of $711,000.00. Following the purchase, the chairman now owns 3,586,970 shares in the company, valued at $25,503,356.70. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. Ameriprise Financial Inc. acquired a new position in Cliffs Natural Resources in the 1st quarter worth $285,000. Prudential Financial Inc. boosted its stake in Cliffs Natural Resources by 19.1% in the 1st quarter. Prudential Financial Inc. now owns 28,132 shares of the mining company’s stock worth $231,000 after purchasing an additional 4,510 shares during the period. Principal Financial Group Inc. boosted its stake in Cliffs Natural Resources by 7.0% in the 1st quarter. Principal Financial Group Inc. now owns 160,889 shares of the mining company’s stock worth $1,321,000 after purchasing an additional 10,519 shares during the period. Teachers Advisors LLC boosted its stake in Cliffs Natural Resources by 39.0% in the 1st quarter. Teachers Advisors LLC now owns 533,339 shares of the mining company’s stock worth $4,379,000 after purchasing an additional 149,563 shares during the period. Finally, Legal & General Group Plc boosted its stake in Cliffs Natural Resources by 105.4% in the 1st quarter. Legal & General Group Plc now owns 111,926 shares of the mining company’s stock worth $917,000 after purchasing an additional 57,425 shares during the period. 61.33% of the stock is owned by hedge funds and other institutional investors.
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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