Cliffs Natural Resources Inc. (CLF) Bonds Drop 1.3% During Trading
An issue of Cliffs Natural Resources Inc. (NYSE:CLF) bonds fell 1.3% as a percentage of their face value during trading on Thursday. The debt issue has a 5.75% coupon and will mature on March 1, 2025. The debt is now trading at $97.44 and was trading at $97.00 last week. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price.
A number of equities research analysts have weighed in on CLF shares. FBR & Co restated a “buy” rating and set a $10.00 price target on shares of Cliffs Natural Resources in a research report on Wednesday, September 6th. Zacks Investment Research upgraded Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Cowen and Company restated a “market perform” rating and set a $7.00 price target on shares of Cliffs Natural Resources in a research report on Wednesday, June 28th. BidaskClub upgraded Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Axiom Securities restated a “sell” rating on shares of Cliffs Natural Resources in a research report on Tuesday, July 25th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Cliffs Natural Resources presently has an average rating of “Hold” and an average price target of $9.29.
Cliffs Natural Resources Inc. (NYSE CLF) traded up 1.03% on Thursday, hitting $6.84. The stock had a trading volume of 7,632,712 shares. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 31.38 and a beta of 1.65. Cliffs Natural Resources Inc. has a 52-week low of $4.91 and a 52-week high of $12.37. The company’s 50 day moving average price is $7.49 and its 200 day moving average price is $7.09.
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, beating the 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. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The business’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. Analysts expect that Cliffs Natural Resources Inc. will post $0.88 EPS for the current year.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves bought 100,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were purchased at an average cost of $7.19 per share, for a total transaction of $719,000.00. Following the transaction, the chairman now owns 3,486,970 shares of the company’s stock, valued at $25,071,314.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of CLF. Nuveen Asset Management LLC raised its position in Cliffs Natural Resources by 1.2% in the 1st quarter. Nuveen Asset Management LLC now owns 13,974 shares of the mining company’s stock worth $115,000 after purchasing an additional 164 shares during the period. Comerica Bank raised its position in Cliffs Natural Resources by 49.5% in the 2nd quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock worth $116,000 after purchasing an additional 5,129 shares during the period. Invictus RG purchased a new stake in Cliffs Natural Resources in the 1st quarter worth about $121,000. ARP Americas LLC raised its position in Cliffs Natural Resources by 72.5% in the 2nd quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock worth $122,000 after purchasing an additional 7,400 shares during the period. Finally, D.A. Davidson & CO. raised its position in Cliffs Natural Resources by 486.8% in the 2nd quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock worth $128,000 after purchasing an additional 15,428 shares during the period. 58.28% of the stock is currently owned by institutional investors.
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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