Cliffs Natural Resources Inc. (NYSE:CLF) shares dropped 4.7% on Thursday after Macquarie lowered their price target on the stock from $11.00 to $10.00. Macquarie currently has an outperform rating on the stock. Cliffs Natural Resources traded as low as $5.31 and last traded at $5.46, with a volume of 4,812,094 shares changing hands. The stock had previously closed at $5.73.
Other research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $5.25 price objective for the company in a research note on Wednesday, May 4th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $10.50 price objective (up from $7.00) on shares of Cliffs Natural Resources in a research note on Tuesday, July 12th. TheStreet upgraded shares of Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. Finally, FBR & Co boosted their price target on shares of Cliffs Natural Resources from $4.00 to $7.00 and gave the company a “market perform” rating in a research report on Tuesday, July 26th. Seven research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Cliffs Natural Resources currently has a consensus rating of “Hold” and an average price target of $4.78.
Hedge funds have recently bought and sold shares of the company. Amalgamated Bank increased its stake in Cliffs Natural Resources by 16.4% in the second quarter. Amalgamated Bank now owns 19,188 shares of the mining company’s stock valued at $127,000 after buying an additional 2,710 shares in the last quarter. Stifel Financial Corp increased its position in shares of Cliffs Natural Resources by 20.8% in the second quarter. Stifel Financial Corp now owns 19,532 shares of the mining company’s stock valued at $111,000 after buying an additional 3,360 shares during the period. Teacher Retirement System of Texas increased its position in shares of Cliffs Natural Resources by 19.0% in the second quarter. Teacher Retirement System of Texas now owns 19,954 shares of the mining company’s stock valued at $113,000 after buying an additional 3,189 shares during the period. LMR Partners LLP purchased a new position in shares of Cliffs Natural Resources during the second quarter valued at approximately $114,000. Finally, HighTower Advisors LLC increased its position in shares of Cliffs Natural Resources by 66.0% in the second quarter. HighTower Advisors LLC now owns 24,486 shares of the mining company’s stock valued at $138,000 after buying an additional 9,738 shares during the period. 50.66% of the stock is owned by institutional investors and hedge funds.
The stock has a market capitalization of $981.87 million, a PE ratio of 26.57 and a beta of 1.75. The company’s 50-day moving average is $5.77 and its 200 day moving average is $5.29.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 28th. The mining company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.00 by $0.07. The firm had revenue of $496 million for the quarter, compared to the consensus estimate of $482.37 million. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.28) earnings per share. On average, analysts predict that Cliffs Natural Resources Inc. will post $1.09 EPS for the current year.
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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