An issue of Cliffs Natural Resources Inc. (NYSE:CLF) bonds rose 1% against their face value during trading on Wednesday. The debt issue has a 6.25% coupon and will mature on October 1, 2040. The debt is now trading at $79.00 and was trading at $74.75 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

A number of analysts have recently issued reports on the company. Credit Suisse Group AG set a $2.00 target price on Cliffs Natural Resources and gave the stock a “sell” rating in a report on Saturday, October 8th. Cowen and Company boosted their target price on Cliffs Natural Resources from $6.00 to $9.00 and gave the stock a “market perform” rating in a report on Wednesday, August 3rd. TheStreet upgraded Cliffs Natural Resources from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Morgan Stanley reiterated a “sell” rating and set a $2.00 target price on shares of Cliffs Natural Resources in a report on Tuesday, August 16th. Finally, Zacks Investment Research cut Cliffs Natural Resources from a “buy” rating to a “hold” rating in a report on Monday, August 29th. Seven investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $5.54.

Shares of Cliffs Natural Resources Inc. (NYSE:CLF) opened at 9.20 on Friday. Cliffs Natural Resources Inc. has a 52-week low of $1.20 and a 52-week high of $9.38. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 46.94 and a beta of 1.42. The company’s 50 day moving average price is $6.33 and its 200 day moving average price is $5.83.

Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings results on Thursday, October 27th. The mining company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.30. The firm earned $553 million during the quarter, compared to the consensus estimate of $597.30 million. During the same period in the previous year, the business earned ($0.10) earnings per share. Cliffs Natural Resources’s quarterly revenue was down 6.7% on a year-over-year basis. Analysts forecast that Cliffs Natural Resources Inc. will post $0.77 earnings per share for the current year.

In related news, Director John T. Baldwin acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The shares were acquired at an average cost of $5.49 per share, with a total value of $54,900.00. Following the purchase, the director now owns 68,160 shares of the company’s stock, valued at $374,198.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph A. Rutkowski acquired 6,000 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was bought at an average cost of $5.32 per share, for a total transaction of $31,920.00. Following the completion of the purchase, the director now directly owns 68,236 shares in the company, valued at approximately $363,015.52. The disclosure for this purchase can be found here. 4.52% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CLF. Jacobs Levy Equity Management Inc. bought a new position in shares of Cliffs Natural Resources during the first quarter worth $1,629,000. Emerald Acquisition Ltd. bought a new position in shares of Cliffs Natural Resources during the second quarter worth $1,296,000. Sanders Morris Harris Inc. increased its position in shares of 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 last quarter. Chartwell Investment Partners LLC bought a new position in shares of Cliffs Natural Resources during the second quarter worth $510,000. Finally, Moors & Cabot Inc. increased its position in shares of Cliffs Natural Resources by 163.5% in the second quarter. Moors & Cabot Inc. now owns 32,524 shares of the mining company’s stock worth $188,000 after buying an additional 20,181 shares during the last quarter. 53.98% of the stock is currently owned by institutional investors and hedge funds.

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About Cliffs Natural Resources

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.

5 Day Chart for NYSE:CLF

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