Cliffs Natural Resources Sees Unusually High Options Volume (CLF)
Cliffs Natural Resources Inc (NYSE:CLF) was the recipient of some unusual options trading activity on Monday. Traders purchased 10,890 put options on the stock. This is an increase of 173% compared to the typical daily volume of 3,994 put options.
In related news, Chairman Lourenco Goncalves purchased 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were purchased at an average cost of $6.31 per share, with a total value of $1,262,000.00. Following the completion of the acquisition, the chairman now directly owns 2,855,296 shares of the company’s stock, valued at approximately $18,016,917.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Baldwin purchased 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was bought at an average cost of $6.32 per share, for a total transaction of $37,920.00. Following the completion of the acquisition, the director now directly owns 87,991 shares of the company’s stock, valued at $556,103.12. The disclosure for this purchase can be found here. Insiders purchased 215,250 shares of company stock worth $1,361,283 over the last ninety days. 4.52% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Equity Partners LLC bought a new position in shares of Cliffs Natural Resources during the third quarter worth about $893,000. Alambic Investment Management L.P. bought a new position in shares of Cliffs Natural Resources during the third quarter worth about $598,000. Montgomery Investment Management Inc. boosted its position in shares of Cliffs Natural Resources by 2.0% in the third quarter. Montgomery Investment Management Inc. now owns 51,100 shares of the mining company’s stock worth $298,000 after buying an additional 1,000 shares during the last quarter. Whitebox Advisors LLC bought a new position in shares of Cliffs Natural Resources during the third quarter worth about $2,417,000. Finally, Aperio Group LLC boosted its position in shares of Cliffs Natural Resources by 12.9% in the third quarter. Aperio Group LLC now owns 25,061 shares of the mining company’s stock worth $147,000 after buying an additional 2,857 shares during the last quarter. 58.73% of the stock is owned by institutional investors.
CLF has been the topic of a number of research reports. Zacks Investment Research raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a report on Tuesday, January 17th. Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a report on Tuesday, January 31st. FBR & Co reissued a “market perform” rating and set a $10.00 target price on shares of Cliffs Natural Resources in a report on Monday, February 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cliffs Natural Resources from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, March 27th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $8.69.
Cliffs Natural Resources (NYSE:CLF) traded up 5.14% during trading on Monday, hitting $6.34. 14,355,287 shares of the stock traded hands. Cliffs Natural Resources has a one year low of $2.77 and a one year high of $12.37. The company has a 50-day moving average price of $7.27 and a 200 day moving average price of $8.53. The stock has a market cap of $1.88 billion, a PE ratio of 37.08 and a beta of 1.63.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings data on Thursday, April 27th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.27. The company had revenue of $461.60 million for the quarter, compared to the consensus estimate of $412.71 million. Cliffs Natural Resources had a net margin of 8.26% and a negative return on equity of 6.02%. The firm’s revenue was up 51.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.62 earnings per share. Analysts expect that Cliffs Natural Resources will post $1.06 earnings per share for the current year.
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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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