FBR & Co Weighs in on Cliffs Natural Resources Inc.’s Q3 2017 Earnings (CLF)
Cliffs Natural Resources Inc. (NYSE:CLF) – Equities researchers at FBR & Co reduced their Q3 2017 earnings estimates for shares of Cliffs Natural Resources in a research report issued on Monday. FBR & Co analyst L. Pipes now expects that the mining company will post earnings per share of $0.30 for the quarter, down from their previous estimate of $0.38. 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’ Q4 2017 earnings at $0.36 EPS, FY2017 earnings at $0.66 EPS, Q1 2018 earnings at $0.06 EPS, Q2 2018 earnings at $0.29 EPS, Q3 2018 earnings at $0.28 EPS, Q4 2018 earnings at $0.27 EPS, FY2018 earnings at $0.90 EPS and FY2019 earnings at $0.67 EPS.
A number of other brokerages have also recently issued reports on CLF. ValuEngine lowered shares of Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Axiom Securities reiterated a “sell” rating on shares of Cliffs Natural Resources in a research report on Tuesday, July 25th. Zacks Investment Research raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. BidaskClub downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, TheStreet raised Cliffs Natural Resources from a “d+” rating to a “c” rating in a research note on Monday, July 31st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $9.07.
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Cliffs Natural Resources (NYSE CLF) opened at 7.40 on Wednesday. Cliffs Natural Resources has a one year low of $4.91 and a one year high of $12.37. The company has a 50 day moving average price of $7.56 and a 200-day moving average price of $7.15. The firm has a market capitalization of $2.19 billion, a PE ratio of 33.94 and a beta of 1.65. Cliffs Natural Resources also was the recipient of some unusual options trading activity on Monday. Investors purchased 1,191 put options on the company. This is an increase of 121% compared to the average volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 27th. The mining company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. The company had revenue of $569.30 million during the quarter, compared to the consensus estimate of $485.93 million. Cliffs Natural Resources had a negative return on equity of 13.83% and a net margin of 2.44%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 EPS.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers acquired a new stake in shares of Cliffs Natural Resources during the second quarter worth about $1,664,000. Advisory Services Network LLC lifted its holdings in shares of Cliffs Natural Resources by 743.6% during the 2nd quarter. Advisory Services Network LLC now owns 26,887 shares of the mining company’s stock valued at $186,000 after purchasing an additional 23,700 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Cliffs Natural Resources by 34.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 224,740 shares of the mining company’s stock valued at $1,555,000 after purchasing an additional 57,094 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Cliffs Natural Resources by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 26,167 shares of the mining company’s stock valued at $181,000 after purchasing an additional 2,016 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Cliffs Natural Resources by 27.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 231,240 shares of the mining company’s stock valued at $1,600,000 after purchasing an additional 49,167 shares in the last quarter. 58.28% of the stock is currently owned by institutional investors.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves bought 100,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average cost of $7.19 per share, with a total value of $719,000.00. Following the completion of the purchase, the chairman now owns 3,486,970 shares in the company, valued at $25,071,314.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.
About Cliffs Natural Resources
Cleveland-Cliffs Inc, formerly 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.
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