An issue of Cliffs Natural Resources Inc (NYSE:CLF) debt rose 1.3% against its face value during trading on Thursday. The debt issue has a 5.75% coupon and is set to mature on March 1, 2025. The bonds in the issue are now trading at $96.00 and were trading at $98.25 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.
CLF has been the topic of a number of research reports. Axiom Securities restated a “sell” rating on shares of Cliffs Natural Resources in a research note on Friday, February 10th. Zacks Investment Research cut Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday. Vetr cut Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating and set a $10.76 price target on the stock. in a research report on Wednesday, January 11th. FBR & Co reiterated a “market perform” rating and set a $11.00 price target (up from $10.00) on shares of Cliffs Natural Resources in a research report on Thursday, February 16th. Finally, JPMorgan Chase & Co. upped their price target on Cliffs Natural Resources from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Monday, March 27th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $8.81.
Shares of Cliffs Natural Resources Inc (NYSE:CLF) traded down 1.11% during mid-day trading on Friday, reaching $7.13. The company’s stock had a trading volume of 15,012,447 shares. The company’s 50-day moving average price is $8.46 and its 200-day moving average price is $8.43. Cliffs Natural Resources Inc has a 12-month low of $2.77 and a 12-month high of $12.37. The stock has a market capitalization of $1.66 billion, a P/E ratio of 8.19 and a beta of 1.63. Cliffs Natural Resources also was the target of unusually large options trading on Thursday. Stock traders bought 25,134 call options on the stock. This represents an increase of 155% compared to the average daily volume of 9,865 call options.
Cliffs Natural Resources (NYSE:CLF) last released its quarterly earnings results on Thursday, February 9th. The mining company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.23 by $0.19. Cliffs Natural Resources had a negative return on equity of 6.02% and a net margin of 8.26%. The business earned $754 million during the quarter, compared to analyst estimates of $662.09 million. During the same period last year, the business posted ($0.39) earnings per share. The company’s quarterly revenue was up 58.4% on a year-over-year basis. On average, equities research analysts forecast that Cliffs Natural Resources Inc will post $1.44 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SFE Investment Counsel purchased a new position in Cliffs Natural Resources during the first quarter valued at approximately $112,000. First Allied Advisory Services Inc. bought a new position in Cliffs Natural Resources during the fourth quarter worth about $129,000. Stevens Capital Management LP bought a new position in Cliffs Natural Resources during the third quarter worth about $133,000. Teacher Retirement System of Texas raised its position in Cliffs Natural Resources by 17.4% in the third quarter. Teacher Retirement System of Texas now owns 23,421 shares of the mining company’s stock worth $137,000 after buying an additional 3,467 shares during the period. Finally, National Asset Management Inc. raised its position in Cliffs Natural Resources by 55.6% in the third quarter. National Asset Management Inc. now owns 23,520 shares of the mining company’s stock worth $138,000 after buying an additional 8,400 shares during the period. Institutional investors and hedge funds own 58.73% of the company’s stock.
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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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