Cliffs Natural Resources Inc. (NYSE:CLF) has been assigned a $7.00 price target by equities researchers at Cowen and Company in a research note issued on Tuesday, October 17th. The firm presently has a “hold” rating on the mining company’s stock. Cowen and Company’s target price would suggest a potential upside of 11.11% from the stock’s current price.
CLF has been the topic of a number of other reports. BidaskClub raised 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 Cliffs Natural Resources in a research note on Friday, July 7th. They set a “buy” rating and a $9.00 target price on the stock. TheStreet raised Cliffs Natural Resources from a “d+” rating to a “c” rating in a research note on Monday, July 31st. Finally, ValuEngine raised Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $8.79.
Cliffs Natural Resources (NYSE:CLF) traded up $0.21 during mid-day trading on Tuesday, reaching $6.30. The company’s stock had a trading volume of 5,542,741 shares, compared to its average volume of 11,610,000. The company has a quick ratio of 1.18, a current ratio of 1.89 and a debt-to-equity ratio of -2.03. The stock has a market cap of $1,860.00, a price-to-earnings ratio of 6.62 and a beta of 1.58. Cliffs Natural Resources has a 1-year low of $5.45 and a 1-year high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last released its earnings results on Friday, October 20th. The mining company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.06. The company had revenue of $698.00 million during the quarter, compared to the consensus estimate of $669.25 million. Cliffs Natural Resources had a negative return on equity of 29.06% and a net margin of 5.48%. Cliffs Natural Resources’s quarterly revenue 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. sell-side analysts expect that Cliffs Natural Resources will post 0.49 EPS for the current fiscal year.
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In other Cliffs Natural Resources news, Chairman Lourenco Goncalves bought 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $7.19 per share, for a total transaction of $719,000.00. Following the completion of the transaction, the chairman now owns 3,486,970 shares of the company’s stock, valued at approximately $25,071,314.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC grew 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 buying an additional 164 shares in the last quarter. Invictus RG bought a new stake in shares of Cliffs Natural Resources in the 1st quarter valued at approximately $121,000. Comerica Bank lifted its stake in shares of Cliffs Natural Resources by 49.5% in the 2nd quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock valued at $116,000 after purchasing an additional 5,129 shares during the last quarter. Point72 Asia Hong Kong Ltd lifted its stake in shares of Cliffs Natural Resources by 2,509.9% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 16,103 shares of the mining company’s stock valued at $132,000 after purchasing an additional 15,486 shares during the last quarter. Finally, ARP Americas LLC lifted its stake in shares of Cliffs Natural Resources by 72.5% in the 2nd quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock valued at $122,000 after purchasing an additional 7,400 shares during the last quarter. Institutional investors and hedge funds own 58.40% 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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