Cliffs Natural Resources Price Target Cut to $15.00 (CLF)
Equities research analysts at Cowen and Company cut their target price on shares of Cliffs Natural Resources (NYSE:CLF) from $16.00 to $15.00 in a research note issued to investors on Monday. Cowen and Company’s price target indicates a potential downside of 6.77% from the stock’s previous close.
CLF has been the subject of a number of other recent research reports. Analysts at Macquarie upgraded shares of Cliffs Natural Resources from an “underperform” rating to a “neutral” rating in a research note on Monday. They now have a $17.00 price target on the stock, up previously from $10.00. Separately, analysts at Nomura reiterated a “buy” rating on shares of Cliffs Natural Resources in a research note on Friday. They now have a $18.00 price target on the stock, down previously from $23.00. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Cliffs Natural Resources in a research note on Monday, July 21st. They now have a $19.00 price target on the stock, down previously from $26.00. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $17.86.
Cliffs Natural Resources (NYSE:CLF) traded up 2.55% on Monday, hitting $16.50. The stock had a trading volume of 3,150,628 shares. Cliffs Natural Resources has a 1-year low of $13.60 and a 1-year high of $28.98. The stock’s 50-day moving average is $14.94 and its 200-day moving average is $18.20. The company has a market cap of $2.528 billion and a P/E ratio of 49.66. Cliffs Natural Resources also was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 49,011,566 shares, a drop of 5.4% from the June 13th total of 51,793,022 shares. Approximately 32.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 5,496,497 shares, the days-to-cover ratio is presently 8.9 days.
Cliffs Natural Resources (NYSE:CLF) last released its earnings data on Wednesday, July 23rd. The company reported ($0.01) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.09) by $0.08. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company posted $0.82 earnings per share. Cliffs Natural Resources’s revenue was down 26.0% compared to the same quarter last year. Analysts expect that Cliffs Natural Resources will post $-0.30 EPS for the current fiscal year.
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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