Cliffs Natural Resources Inc. (CLF) Expected to Post Quarterly Sales of $656.14 Million
Brokerages expect that Cliffs Natural Resources Inc. (NYSE:CLF) will announce sales of $656.14 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Cliffs Natural Resources’ earnings. The lowest sales estimate is $594.00 million and the highest is $703.60 million. Cliffs Natural Resources posted sales of $553.30 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 18.6%. The business is scheduled to report its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Cliffs Natural Resources will report full-year sales of $656.14 million for the current financial year, with estimates ranging from $2.22 billion to $2.47 billion. For the next financial year, analysts anticipate that the company will post sales of $2.30 billion per share, with estimates ranging from $2.03 billion to $2.55 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Cliffs Natural Resources.
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, beating analysts’ consensus estimates of $0.18 by $0.08. Cliffs Natural Resources had a negative return on equity of 13.83% and a net margin of 2.44%. The company had revenue of $569.30 million for the quarter, compared to the consensus estimate of $485.93 million. During the same quarter in the prior year, the company earned $0.07 earnings per share. Cliffs Natural Resources’s revenue was up 14.7% on a year-over-year basis.
CLF has been the topic of several research analyst reports. Jefferies Group LLC initiated coverage on Cliffs Natural Resources in a research note on Friday, July 7th. They set a “buy” rating and a $9.00 price target on the stock. BidaskClub upgraded Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. 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. ValuEngine cut Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, TheStreet raised Cliffs Natural Resources from a “d+” rating to a “c” rating in a report on Monday, July 31st. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $8.31.
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Cliffs Natural Resources (NYSE CLF) traded down 6.46% on Tuesday, reaching $7.96. The company’s stock had a trading volume of 13,331,931 shares. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 36.51 and a beta of 1.70. Cliffs Natural Resources has a 1-year low of $4.91 and a 1-year high of $12.37. The firm’s 50 day moving average price is $7.66 and its 200-day moving average price is $7.52. Cliffs Natural Resources also was the target of some unusual options trading on Wednesday. Traders acquired 18,101 call options on the stock. This represents an increase of approximately 118% compared to the average volume of 8,319 call options.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves purchased 100,000 shares of Cliffs Natural Resources stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average price of $7.19 per share, with a total value of $719,000.00. Following the acquisition, the chairman now owns 3,486,970 shares of the company’s stock, valued at approximately $25,071,314.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Cliffs Natural Resources by 24.7% in the 2nd quarter. Vanguard Group Inc. now owns 31,963,836 shares of the mining company’s stock worth $221,190,000 after purchasing an additional 6,321,205 shares during the period. BlackRock Inc. raised its holdings in Cliffs Natural Resources by 1.6% in the 2nd quarter. BlackRock Inc. now owns 18,860,269 shares of the mining company’s stock worth $130,512,000 after purchasing an additional 306,081 shares during the period. State Street Corp raised its holdings in Cliffs Natural Resources by 6.5% in the 2nd quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock worth $74,189,000 after purchasing an additional 653,261 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cliffs Natural Resources by 20.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock worth $43,581,000 after purchasing an additional 1,056,056 shares during the period. Finally, Northern Trust Corp raised its holdings in Cliffs Natural Resources by 16.8% in the 2nd quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock worth $34,446,000 after purchasing an additional 717,021 shares during the period. 58.30% of the stock is owned by institutional investors.
About Cliffs Natural Resources
Cleveland-Cliffs Inc, formerly 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.
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