GLG Partners LP Takes Position in Cliffs Natural Resources Inc. (CLF)
GLG Partners LP purchased a new stake in shares of Cliffs Natural Resources Inc. (NYSE:CLF) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 84,000 shares of the mining company’s stock, valued at approximately $581,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Cliffs Natural Resources by 24.7% in the second quarter. Vanguard Group Inc. now owns 31,963,836 shares of the mining company’s stock valued at $221,190,000 after acquiring an additional 6,321,205 shares during the last quarter. BlackRock Inc. increased its position in Cliffs Natural Resources by 1.6% in the second 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 increased its position in Cliffs Natural Resources by 25.7% in the first quarter. State Street Corp now owns 10,067,676 shares of the mining company’s stock worth $82,654,000 after purchasing an additional 2,059,034 shares during the period. Dimensional Fund Advisors LP increased its position in 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 worth $43,581,000 after purchasing an additional 1,056,056 shares during the period. Finally, Northern Trust Corp increased its position in 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 worth $34,446,000 after purchasing an additional 717,021 shares during the period. 58.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cliffs Natural Resources Inc. (NYSE:CLF) traded up 1.689% during trading on Wednesday, hitting $7.525. 2,127,359 shares of the stock were exchanged. Cliffs Natural Resources Inc. has a 52 week low of $4.91 and a 52 week high of $12.37. The stock has a market cap of $2.23 billion, a P/E ratio of 34.518 and a beta of 1.65. The firm’s 50 day moving average price is $7.57 and its 200-day moving average price is $7.15. Cliffs Natural Resources also was the target of some unusual options trading activity on Monday. Stock traders purchased 1,191 put options on the stock. This represents an increase of approximately 121% compared to the average volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 27th. The mining company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.08. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The business had revenue of $569.30 million for the quarter, compared to analysts’ expectations of $485.93 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, analysts predict that Cliffs Natural Resources Inc. will post $0.96 EPS for the current year.
Several research analysts have recently issued reports on the stock. Clarkson Capital reaffirmed a “neutral” rating on shares of Cliffs Natural Resources in a research note on Thursday, July 27th. Zacks Investment Research cut shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Tuesday. FBR & Co set a $10.00 price target on shares of Cliffs Natural Resources and gave the stock a “buy” rating in a research note on Monday. KeyCorp reissued a “hold” rating on shares of Cliffs Natural Resources in a research note on Tuesday, September 19th. Finally, Cowen and Company restated a “hold” rating on shares of Cliffs Natural Resources in a report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $9.07.
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In other Cliffs Natural Resources news, Chairman Lourenco Goncalves acquired 100,000 shares of the stock in a transaction dated Friday, September 15th. The stock was purchased at an average cost of $7.11 per share, with a total value of $711,000.00. Following the transaction, the chairman now owns 3,586,970 shares in the company, valued at approximately $25,503,356.70. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.46% of the company’s stock.
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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