Vetr Inc. Upgrades Cliffs Natural Resources Inc. (CLF) to Hold
Cliffs Natural Resources Inc. (NYSE:CLF) was upgraded by analysts at Vetr from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday. The brokerage presently has a $9.01 target price on the mining company’s stock. Vetr‘s price target would suggest a potential upside of 2.27% from the stock’s current price.
Several other brokerages have also commented on CLF. Zacks Investment Research lowered Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 17th. FBR & Co restated a “hold” rating on shares of Cliffs Natural Resources in a report on Thursday, November 3rd. Morgan Stanley restated a “sell” rating and set a $3.00 price target on shares of Cliffs Natural Resources in a report on Wednesday, September 28th. Axiom Securities restated a “sell” rating on shares of Cliffs Natural Resources in a report on Tuesday, August 30th. Finally, Credit Suisse Group AG restated an “underperform” rating and set a $2.00 price target (down from $5.58) on shares of Cliffs Natural Resources in a report on Friday, October 7th. Six analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $5.80.
Shares of Cliffs Natural Resources (NYSE:CLF) opened at 8.81 on Tuesday. The firm’s 50-day moving average is $6.77 and its 200 day moving average is $6.03. Cliffs Natural Resources has a 12-month low of $1.20 and a 12-month high of $10.14. The stock has a market capitalization of $2.03 billion, a P/E ratio of 44.95 and a beta of 1.42.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, October 27th. The mining company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.19 by $0.30. The business earned $553 million during the quarter, compared to analyst estimates of $597.30 million. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) earnings per share. On average, equities research analysts forecast that Cliffs Natural Resources will post $0.77 EPS for the current fiscal year.
In other news, Director John T. Baldwin bought 10,000 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 68,160 shares of the company’s stock, valued at approximately $374,198.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph A. Rutkowski bought 6,000 shares of the company’s stock in a transaction on Friday, October 28th. The stock was purchased at an average cost of $5.32 per share, for a total transaction of $31,920.00. Following the completion of the transaction, the director now directly owns 68,236 shares of the company’s stock, valued at approximately $363,015.52. The disclosure for this purchase can be found here. 4.52% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLF. Phoenix Investment Adviser LLC purchased a new position in shares of Cliffs Natural Resources during the second quarter valued at about $1,446,000. GSA Capital Partners LLP bought a new position in Cliffs Natural Resources during the second quarter worth $943,000. EAM Investors LLC bought a new position in Cliffs Natural Resources during the second quarter worth $3,609,000. Emerald Acquisition Ltd. bought a new position in Cliffs Natural Resources during the second quarter worth $1,296,000. Finally, Swiss National Bank boosted its position in Cliffs Natural Resources by 15.9% in the second quarter. Swiss National Bank now owns 274,900 shares of the mining company’s stock worth $1,559,000 after buying an additional 37,700 shares during the last quarter. 57.53% of the stock is currently owned by institutional investors and hedge funds.
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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