Cliffs Natural Resources Inc (CLF) Bonds Trading 2.3% Higher
An issue of Cliffs Natural Resources Inc (NYSE:CLF) bonds rose 2.3% against their face value during trading on Thursday. The high-yield issue of debt has a 5.75% coupon and is set to mature on March 1, 2025. The debt is now trading at $97.50. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
Several equities research analysts recently weighed in on the company. Clarkson Capital reissued a “neutral” rating on shares of Cliffs Natural Resources in a report on Thursday, July 27th. Cowen and Company reissued a “hold” rating on shares of Cliffs Natural Resources in a report on Thursday, August 3rd. ValuEngine downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Zacks Investment Research downgraded Cliffs Natural Resources from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, FBR & Co set a $10.00 price objective on Cliffs Natural Resources and gave the company a “buy” rating in a report on Saturday, June 17th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $8.50.
Cliffs Natural Resources Inc (NYSE CLF) opened at 7.76 on Tuesday. The firm has a market capitalization of $2.30 billion, a P/E ratio of 35.60 and a beta of 1.69. Cliffs Natural Resources Inc has a one year low of $4.91 and a one year high of $12.37. The firm’s 50-day moving average price is $6.94 and its 200 day moving average price is $7.88. Cliffs Natural Resources also saw unusually large options trading activity on Monday. Traders acquired 1,191 put options on the company. This represents an increase of 121% compared to the average daily volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last posted its earnings results on Thursday, July 27th. The mining company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.08. The firm had revenue of $569.30 million for the quarter, compared to analysts’ expectations of $485.93 million. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. On average, equities analysts anticipate that Cliffs Natural Resources Inc will post $0.91 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Trexquant Investment LP bought a new stake in shares of Cliffs Natural Resources during the first quarter valued at approximately $340,000. Nationwide Fund Advisors increased its stake in shares of Cliffs Natural Resources by 61.7% in the first quarter. Nationwide Fund Advisors now owns 284,773 shares of the mining company’s stock valued at $2,338,000 after buying an additional 108,638 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Cliffs Natural Resources by 18.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,520,557 shares of the mining company’s stock valued at $28,904,000 after buying an additional 550,633 shares during the period. Van ECK Associates Corp increased its stake in shares of Cliffs Natural Resources by 24.6% in the first quarter. Van ECK Associates Corp now owns 516,051 shares of the mining company’s stock valued at $4,237,000 after buying an additional 101,984 shares during the period. Finally, Tudor Investment Corp ET AL boosted its stake in shares of Cliffs Natural Resources by 1,145.3% in the first quarter. Tudor Investment Corp ET AL now owns 237,786 shares of the mining company’s stock valued at $1,952,000 after buying an additional 218,691 shares in the last quarter. Institutional investors and hedge funds own 66.58% of the company’s stock.
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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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