FBR & Co Comments on Cliffs Natural Resources Inc.’s Q2 2017 Earnings (CLF)
Cliffs Natural Resources Inc. (NYSE:CLF) – FBR & Co dropped their Q2 2017 EPS estimates for Cliffs Natural Resources in a report released on Monday. FBR & Co analyst L. Pipes now forecasts that the mining company will earn $0.22 per share for the quarter, down from their prior forecast of $0.33. FBR & Co currently has a “Buy” rating and a $10.00 target price on the stock. FBR & Co also issued estimates for Cliffs Natural Resources’ Q3 2017 earnings at $0.36 EPS, Q4 2017 earnings at $0.42 EPS, FY2017 earnings at $0.89 EPS, Q1 2018 earnings at $0.07 EPS, Q2 2018 earnings at $0.28 EPS, FY2018 earnings at $0.87 EPS and FY2019 earnings at $0.74 EPS.
A number of other research analysts have also recently commented on the company. Axiom Securities reiterated a “sell” rating on shares of Cliffs Natural Resources in a research note on Thursday, July 13th. Jefferies Group LLC began coverage on Cliffs Natural Resources in a research report on Friday, July 7th. They set a “buy” rating and a $9.00 target price for the company. BidaskClub raised Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Cowen and Company reaffirmed a “market perform” rating and set a $7.00 target price on shares of Cliffs Natural Resources in a research report on Wednesday, June 28th. Finally, Zacks Investment Research lowered Cliffs Natural Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 28th. Four investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $8.50.
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Shares of Cliffs Natural Resources (NYSE:CLF) opened at 7.46 on Wednesday. The company’s 50 day moving average price is $6.49 and its 200-day moving average price is $7.98. The firm has a market capitalization of $2.21 billion, a PE ratio of 43.63 and a beta of 1.66. Cliffs Natural Resources has a 52 week low of $4.91 and a 52 week high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, April 27th. The mining company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.27. Cliffs Natural Resources had a negative return on equity of 5.79% and a net margin of 1.68%. The company had revenue of $461.60 million for the quarter, compared to analyst estimates of $412.71 million. During the same period last year, the firm earned $0.62 earnings per share. The firm’s revenue for the quarter was up 51.1% on a year-over-year basis.
In other Cliffs Natural Resources news, Director John T. Baldwin purchased 6,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $6.32 per share, for a total transaction of $37,920.00. Following the acquisition, the director now owns 87,991 shares in the company, valued at approximately $556,103.12. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Lourenco Goncalves purchased 200,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average price of $6.31 per share, with a total value of $1,262,000.00. Following the completion of the acquisition, the chairman now owns 2,855,296 shares in the company, valued at approximately $18,016,917.76. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 215,250 shares of company stock valued at $1,361,283. Company insiders own 0.46% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Trexquant Investment LP purchased a new stake in shares of Cliffs Natural Resources during the first quarter valued at approximately $340,000. Searle & CO. purchased a new stake in shares of Cliffs Natural Resources during the fourth quarter valued at approximately $1,326,000. Nationwide Fund Advisors increased its stake in shares of Cliffs Natural Resources by 61.7% in the first quarter. Nationwide Fund Advisors now owns 284,773 shares of the mining company’s stock valued at $2,338,000 after buying an additional 108,638 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Cliffs Natural Resources by 24.6% in the first quarter. Van ECK Associates Corp now owns 516,051 shares of the mining company’s stock valued at $4,237,000 after buying an additional 101,984 shares in the last quarter. Finally, Tudor Investment Corp ET AL increased its stake in shares of Cliffs Natural Resources by 1,145.3% in the first quarter. Tudor Investment Corp ET AL now owns 237,786 shares of the mining company’s stock valued at $1,952,000 after buying an additional 218,691 shares in the last quarter. Hedge funds and other institutional investors own 66.66% of the company’s stock.
Cliffs Natural Resources Company Profile
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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