Cliffs Natural Resources Inc. (CLF) has been initiated today with coverage from the research analysts at UBS. UBS begins this new coverage of Cliffs Natural Resources with an initial price target set at $122 and rates performance of CLF as “buy.” UBS noted that Cliffs Natural Resources have transitioned from a United States iron ore producer and has expanded globally into producing iron ore and met coal. They also noted the recent acquisitions the company has made coupled with overall expansion have led to increased growth and with operating leverage should entail more positive cash-flow.
CLF opened high for trading but would close for a three day loss at the $83.49 price level. Volatility was substantially high recently on June 8th, 2011, but volatility has since subsided. An additional point of interest for shareholders is that CLF broke below intermediate resistance of the $83 dollar mark today. Lastly, company representatives are expected to attend the Keybanc Capital Markets Basic Materials and Packaging Conference on Septermber 12nd, 2011.
Cliffs Natural Resources is slated to release their next earnings report on July 27th, 2011, and is estimated to post EPS of $3.59. Their last earnings report was released on ril 28th, 2011, and announced EPS of $3.11 with revenue totaling $1.183 billion which was up 62.6 % year to year. CLF is trading between its 50 & 200-day moving averages and 2011 is currently an up year for the company.
Cliffs Natural Resources Inc. is an international mining and natural resources company. They are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia, and a significant producer of metallurgical coal. The company has market capitalization of $11,325,335,010 and135,649,000 shares outstanding. CLF has a 52-week high of $102.48 with the low being $44.20 dollars.