Cliffs Natural Resources Inc. (CLF) Shares Down 4.7% Following Analyst Downgrade
Cliffs Natural Resources Inc. (NYSE:CLF)’s share price fell 4.7% during trading on Thursday after FBR & Co lowered their price target on the stock from $8.00 to $6.00. FBR & Co currently has a market perform rating on the stock. Cliffs Natural Resources traded as low as $5.31 and last traded at $5.46, with a volume of 4,812,094 shares changing hands. The stock had previously closed at $5.73.
Several other equities analysts have also recently issued reports on the stock. Credit Suisse Group AG set a $2.00 price objective on shares of Cliffs Natural Resources and gave the company a “sell” rating in a research note on Saturday, October 8th. Zacks Investment Research raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research note on Monday, October 3rd. Morgan Stanley reissued a “sell” rating and issued a $3.00 price objective on shares of Cliffs Natural Resources in a research note on Wednesday, September 28th. Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a research note on Tuesday, August 30th. Finally, Macquarie dropped their price objective on shares of Cliffs Natural Resources from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Monday, August 29th. Seven investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Cliffs Natural Resources presently has an average rating of “Hold” and a consensus target price of $4.78.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLF. Renaissance Technologies LLC raised its position in Cliffs Natural Resources by 52.8% in the first quarter. Renaissance Technologies LLC now owns 10,432,099 shares of the mining company’s stock worth $31,296,000 after buying an additional 3,605,299 shares during the period. Teachers Advisors Inc. raised its position in Cliffs Natural Resources by 3.5% in the first quarter. Teachers Advisors Inc. now owns 544,734 shares of the mining company’s stock worth $1,634,000 after buying an additional 18,634 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Cliffs Natural Resources during the first quarter worth about $1,629,000. Loomis Sayles & Co. L P purchased a new position in Cliffs Natural Resources during the first quarter worth about $2,500,000. Finally, Sanders Morris Harris Inc. raised its position in Cliffs Natural Resources by 110.2% in the second quarter. Sanders Morris Harris Inc. now owns 103,000 shares of the mining company’s stock worth $585,000 after buying an additional 54,000 shares during the period. Institutional investors own 50.66% of the company’s stock.
The stock has a market cap of $1.01 billion, a P/E ratio of 27.21 and a beta of 1.75. The stock’s 50-day moving average price is $5.79 and its 200-day moving average price is $5.27.
Cliffs Natural Resources (NYSE:CLF) last posted its earnings results on Thursday, July 28th. The mining company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.00 by $0.07. The company earned $496 million during the quarter, compared to the consensus estimate of $482.37 million. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.28) earnings per share. Equities research analysts predict that Cliffs Natural Resources Inc. will post $1.09 earnings per share for the current year.
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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