Cliffs Natural Resources Inc. (CLF) Rating Lowered to Hold at Zacks Investment Research
Cliffs Natural Resources Inc. (NYSE:CLF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Cliffs remains focused on improving its cost structure, which will bear fruit in future reporting periods. The company is also boosting its mining and transportation capacity globally. It should also gain from the recent ArcelorMittal and U.S. Steel Canada deal. Moreover, Cliffs remains focused on deleveraging its balance sheet. However, the company is faced with a challenging operating environment and pricing pressure. Seaborne iron ore prices are expected to remain weak in the near future.”
Several other research analysts have also issued reports on CLF. Credit Suisse Group AG set a $2.00 price target on Cliffs Natural Resources and gave the stock a “sell” rating in a report on Saturday, October 8th. Clarkson Capital upgraded Cliffs Natural Resources from a “sell” rating to a “neutral” rating in a report on Monday, July 18th. TheStreet upgraded Cliffs Natural Resources from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Macquarie cut their price target on Cliffs Natural Resources from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Monday, August 29th. Finally, Cowen and Company increased their price target on Cliffs Natural Resources from $6.00 to $9.00 and gave the stock a “market perform” rating in a report on Wednesday, August 3rd. Seven investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $4.78.
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Cliffs Natural Resources (NYSE:CLF) traded up 5.99% on Monday, hitting $5.66. The company had a trading volume of 8,583,709 shares. The stock has a market capitalization of $1.04 billion, a PE ratio of 28.16 and a beta of 1.75. The stock has a 50 day moving average of $5.77 and a 200-day moving average of $5.29. Cliffs Natural Resources has a one year low of $1.20 and a one year high of $8.45.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings results on Thursday, July 28th. The mining company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.00 by $0.07. The firm earned $496 million during the quarter, compared to the consensus estimate of $482.37 million. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.28) EPS. Equities analysts anticipate that Cliffs Natural Resources will post $1.09 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in 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 in the last quarter. Stifel Financial Corp increased its stake in 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 in the last quarter. Teacher Retirement System of Texas increased its stake in 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 in the last quarter. LMR Partners LLP purchased a new stake in Cliffs Natural Resources during the second quarter worth about $114,000. Finally, Amalgamated Bank raised its position in 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. 50.67% of the stock is owned by institutional investors and hedge funds.
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.
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