Cliffs Natural Resources Inc. (CLF) Debt Trading 3.3% Higher
An issue of Cliffs Natural Resources Inc. (NYSE:CLF) debt rose 3.3% against its face value during trading on Thursday. The debt issue has a 6.25% coupon and is set to mature on October 1, 2040. The debt is now trading at $78.00 and was trading at $76.00 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
Several analysts have recently weighed in on the stock. Vetr cut shares of Cliffs Natural Resources from a “sell” rating to a “strong sell” rating and set a $6.42 price target for the company. in a research note on Monday, November 14th. FBR & Co reaffirmed a “hold” rating on shares of Cliffs Natural Resources in a research report on Thursday, November 3rd. Zacks Investment Research cut shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 17th. Credit Suisse Group AG set a $2.00 price objective on shares of Cliffs Natural Resources and gave the stock a “sell” rating in a research report on Saturday, October 8th. Finally, Morgan Stanley reaffirmed a “sell” rating and set a $3.00 price objective on shares of Cliffs Natural Resources in a research report on Wednesday, September 28th. Seven research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $5.54.
Shares of Cliffs Natural Resources Inc. (NYSE:CLF) opened at 7.41 on Friday. The company’s 50-day moving average is $5.91 and its 200 day moving average is $5.63. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 37.81 and a beta of 1.42. Cliffs Natural Resources Inc. has a 52 week low of $1.20 and a 52 week high of $8.45.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Thursday, October 27th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.30. The company had revenue of $553 million for the quarter, compared to analysts’ expectations of $597.30 million. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.10) EPS. Analysts anticipate that Cliffs Natural Resources Inc. will post $0.77 EPS for the current fiscal year.
In related news, Director Eric M. Rychel bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was purchased at an average price of $5.55 per share, for a total transaction of $27,750.00. Following the transaction, the director now directly owns 11,845 shares of the company’s stock, valued at approximately $65,739.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph A. Rutkowski bought 6,000 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The stock was bought at an average price of $5.32 per share, with a total value of $31,920.00. Following the transaction, the director now directly owns 68,236 shares in the company, valued at $363,015.52. The disclosure for this purchase can be found here. 4.52% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in CLF. BlackRock Inc. raised its position in shares of Cliffs Natural Resources by 15.1% in the first quarter. BlackRock Inc. now owns 35,494 shares of the mining company’s stock worth $107,000 after buying an additional 4,666 shares in the last quarter. Stifel Financial Corp raised its position in shares of Cliffs Natural Resources by 20.8% in the second quarter. Stifel Financial Corp now owns 19,532 shares of the mining company’s stock worth $111,000 after buying an additional 3,360 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of Cliffs Natural Resources by 19.0% in the second quarter. Teacher Retirement System of Texas now owns 19,954 shares of the mining company’s stock worth $113,000 after buying an additional 3,189 shares in the last quarter. LMR Partners LLP bought a new position in shares of Cliffs Natural Resources during the second quarter worth about $114,000. Finally, IPG Investment Advisors LLC bought a new position in shares of Cliffs Natural Resources during the third quarter worth about $123,000. Hedge funds and other institutional investors own 53.18% of the company’s stock.
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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