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Cowen and Company dropped their price target on shares of Cliffs Natural Resources (NYSE:CLF) from $28.00 to $23.00 in a research note issued on Wednesday, American Banking and Market News reports. The firm currently has a “market perform” rating on the stock. Cowen and Company’s target price would indicate a potential upside of 0.52% from the company’s current price.

Shares of Cliffs Natural Resources (NYSE:CLF) opened at 22.73 on Wednesday. Cliffs Natural Resources has a 1-year low of $15.41 and a 1-year high of $28.98. The stock’s 50-day moving average is $21.84 and its 200-day moving average is $23.24. The company has a market cap of $3.479 billion and a price-to-earnings ratio of 9.76.

Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.22 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.82 by $0.40. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. On average, analysts predict that Cliffs Natural Resources will post $1.73 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Monday, March 3rd. Shareholders of record on Friday, February 21st will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Wednesday, February 19th.

Other equities research analysts have also recently issued reports about the stock. Analysts at Ned Davis Research upgraded shares of Cliffs Natural Resources from a “sell” rating to a “neutral” rating in a research note on Tuesday. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Cliffs Natural Resources in a research note on Tuesday. They now have a $26.00 price target on the stock, down previously from $27.00. Finally, analysts at Brean Capital raised their price target on shares of Cliffs Natural Resources to $20.00 in a research note on Thursday, February 13th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $23.59.

Cliffs Natural Resources Inc is an international mining and natural resources company. The Company is an iron ore producer and a producer of metallurgical coal.

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