Cliffs Natural Resources Inc. (CLF) Debt Trading 1% Higher
An issue of Cliffs Natural Resources Inc. (NYSE:CLF) debt rose 1% against its face value during trading on Thursday. The high-yield issue of debt has a 6.25% coupon and is set to mature on October 1, 2040. The debt is now trading at $79.00 and was trading at $74.75 last week. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.
A number of research firms recently commented on CLF. 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. Vetr downgraded Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating and set a $6.42 target price for the company. in a report on Monday, November 7th. TheStreet raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Macquarie decreased their target price on Cliffs Natural Resources from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Monday, August 29th. Finally, Cowen and Company lifted 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. Seven analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Cliffs Natural Resources has a consensus rating of “Hold” and an average price target of $5.54.
Shares of Cliffs Natural Resources Inc. (NYSE:CLF) opened at 9.91 on Friday. The stock has a 50 day moving average price of $6.48 and a 200-day moving average price of $5.88. Cliffs Natural Resources Inc. has a 52-week low of $1.20 and a 52-week high of $9.94. The stock has a market capitalization of $2.29 billion, a PE ratio of 50.56 and a beta of 1.42.
Cliffs Natural Resources (NYSE:CLF) last released its quarterly earnings data on Thursday, October 27th. The mining company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.30. The firm earned $553 million during the quarter, compared to analyst estimates of $597.30 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. The business’s revenue was down 6.7% on a year-over-year basis. On average, equities research analysts anticipate that Cliffs Natural Resources Inc. will post $0.77 EPS for the current fiscal year.
In other Cliffs Natural Resources news, Director John T. Baldwin acquired 10,000 shares of the company’s stock in a transaction dated Monday, October 31st. The shares were acquired at an average price of $5.49 per share, for a total transaction of $54,900.00. Following the acquisition, the director now owns 68,160 shares in the company, valued at approximately $374,198.40. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eric M. Rychel acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, November 2nd. The stock was acquired at an average price of $5.55 per share, for a total transaction of $27,750.00. Following the acquisition, the director now owns 11,845 shares in the company, valued at approximately $65,739.75. The disclosure for this purchase can be found here. 4.52% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in 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 during the last quarter. State Street Corp increased its position in Cliffs Natural Resources by 43.5% in the first quarter. State Street Corp now owns 11,587,242 shares of the mining company’s stock worth $34,763,000 after buying an additional 3,514,416 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in Cliffs Natural Resources by 236.3% in the second quarter. BNP Paribas Arbitrage SA now owns 42,138 shares of the mining company’s stock worth $239,000 after buying an additional 29,609 shares during the last quarter. Sanders Morris Harris Inc. increased 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 last quarter. Finally, Bank of Montreal Can acquired a new position in Cliffs Natural Resources during the second quarter worth approximately $932,000. Institutional investors and hedge funds own 53.98% of the company’s stock.
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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.
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