Cliffs Natural Resources Inc. (CLF) PT Set at $10.00 by FBR & Co
Cliffs Natural Resources Inc. (NYSE:CLF) has been assigned a $10.00 target price by equities researchers at FBR & Co in a research note issued to investors on Monday. The firm currently has a “buy” rating on the mining company’s stock. FBR & Co’s target price indicates a potential upside of 35.14% from the company’s previous close.
A number of other analysts have also recently weighed in on the stock. BidaskClub upgraded shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a research report on Monday, July 31st. Jefferies Group LLC started coverage on shares of Cliffs Natural Resources in a research note on Friday, July 7th. They issued a “buy” rating and a $9.00 price objective on the stock. TheStreet upgraded shares of Cliffs Natural Resources from a “d+” rating to a “c” rating in a research note on Monday, July 31st. Finally, ValuEngine raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $9.07.
Shares of Cliffs Natural Resources (CLF) opened at 7.40 on Monday. The firm has a market capitalization of $2.19 billion, a PE ratio of 33.94 and a beta of 1.65. The firm’s 50-day moving average is $7.56 and its 200 day moving average is $7.15. Cliffs Natural Resources has a 52 week low of $4.91 and a 52 week high of $12.37. Cliffs Natural Resources also was the target of some unusual options trading on Monday. Traders acquired 1,191 put options on the stock. This is an increase of 121% compared to the typical volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Thursday, July 27th. The mining company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. The business had revenue of $569.30 million for the quarter, compared to analyst estimates of $485.93 million. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. On average, equities analysts forecast that Cliffs Natural Resources will post $0.96 earnings per share for the current year.
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In other Cliffs Natural Resources news, Chairman Lourenco Goncalves acquired 100,000 shares of the stock in a transaction on Friday, September 15th. The shares were bought at an average price of $7.11 per share, with a total value of $711,000.00. Following the acquisition, the chairman now owns 3,586,970 shares of the company’s stock, valued at $25,503,356.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of CLF. Vanguard Group Inc. lifted its holdings in shares of 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 valued at $221,190,000 after buying an additional 6,321,205 shares during the period. BlackRock Inc. boosted its stake in shares of Cliffs Natural Resources by 1.6% in the second quarter. BlackRock Inc. now owns 18,860,269 shares of the mining company’s stock valued at $130,512,000 after buying an additional 306,081 shares in the last quarter. State Street Corp boosted its stake in shares of Cliffs Natural Resources by 6.5% in the second quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock valued at $74,189,000 after buying an additional 653,261 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cliffs Natural Resources by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock valued at $43,581,000 after buying an additional 1,056,056 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Cliffs Natural Resources by 16.8% in the second quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock valued at $34,446,000 after buying an additional 717,021 shares in the last quarter. 58.28% of the stock is owned by institutional investors and hedge funds.
Cliffs Natural Resources Company Profile
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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