Cliffs Natural Resources Inc. (CLF) Shares Down 4.7% Following Analyst Downgrade
Cliffs Natural Resources Inc. (NYSE:CLF) was down 4.7% during mid-day trading on Thursday after FBR & Co lowered their price target on the stock from $8.00 to $6.00. FBR & Co currently has a market perform 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 trading hands. The stock had previously closed at $5.73.
A number of other research analysts have also commented on CLF. Zacks Investment Research lowered Cliffs Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, July 8th. JPMorgan Chase & Co. reissued a “buy” rating and set a $10.50 price target (up from $7.00) on shares of Cliffs Natural Resources in a report on Tuesday, July 12th. Clarkson Capital raised Cliffs Natural Resources from a “sell” rating to a “neutral” rating in a report on Monday, July 18th. TheStreet raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Finally, Cowen and Company raised their price target on Cliffs Natural Resources from $6.00 to $9.00 and gave the company a “market perform” rating in a report on Wednesday, August 3rd. Seven equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Cliffs Natural Resources currently has a consensus rating of “Hold” and an average target price of $4.78.
A number of large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Cliffs Natural Resources by 15.1% in the first quarter. BlackRock Inc. now owns 35,494 shares of the mining company’s stock worth $107,000 after buying an additional 4,666 shares during the last quarter. Stifel Financial Corp raised its stake 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 worth $111,000 after buying an additional 3,360 shares during the last quarter. Teacher Retirement System of Texas raised its stake 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 worth $113,000 after buying an additional 3,189 shares during the last quarter. LMR Partners LLP acquired a new stake in shares of Cliffs Natural Resources during the second quarter worth approximately $114,000. Finally, Amalgamated Bank raised its stake in shares of Cliffs Natural Resources by 16.4% in the second quarter. Amalgamated Bank now owns 19,188 shares of the mining company’s stock worth $127,000 after buying an additional 2,710 shares during the last quarter. Hedge funds and other institutional investors own 50.66% of the company’s stock.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/cliffs-natural-resources-inc-clf-shares-down-4-7-following-analyst-downgrade.html
The company has a 50 day moving average price of $5.79 and a 200 day moving average price of $5.27. The firm has a market capitalization of $1.01 billion, a PE ratio of 27.21 and a beta of 1.75.
Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 28th. The mining company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.00 by $0.07. The business earned $496 million during the quarter, compared to analyst estimates of $482.37 million. Cliffs Natural Resources’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) EPS. Equities research analysts predict that Cliffs Natural Resources Inc. will post $1.09 earnings per share for the current fiscal year.
About Cliffs Natural Resources
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.
Receive News & Ratings for Cliffs Natural Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cliffs Natural Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.