Cliffs Natural Resources Inc. (CLF) Earns “Buy” Rating from FBR & Co
Cliffs Natural Resources Inc. (NYSE:CLF)‘s stock had its “buy” rating reaffirmed by research analysts at FBR & Co in a report released on Friday. They presently have a $10.00 target price on the mining company’s stock. FBR & Co’s price target suggests a potential upside of 42.45% from the stock’s current price.
The analysts wrote, “Cleveland-Cliffs reported Q3 results with an EBITDA miss of $154M versus consensus estimates of $166M. The company slightly reduced volume guidance in the U.S. and Australia, while maintaining prior cost guidance in the U.S., and increased Australian cost guidance (mostly as a result of the weaker USD). The company cut 2017 US sales guidance as a result of a single large buyer reducing orders, which has brought down our Q4 estimate to $123M, from $185M. The company is now planning for $270M in capex over the next twelve months, largely from the construction of the HBI plant. With the HBI plant now fully incorporated into our model, and Q4 results priced in, we see an appropriate buying window.””
Several other research analysts have also commented on the stock. Cowen and Company set a $7.00 price objective on shares of Cliffs Natural Resources and gave the stock a “hold” rating in a report on Tuesday, October 17th. Zacks Investment Research lowered shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. KeyCorp restated a “hold” rating on shares of Cliffs Natural Resources in a report on Tuesday, September 19th. Jefferies Group LLC restated a “buy” rating on shares of Cliffs Natural Resources in a report on Monday, September 18th. Finally, ValuEngine lowered shares of Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $9.29.
Shares of Cliffs Natural Resources (NYSE CLF) opened at 7.02 on Friday. The firm has a 50-day moving average of $7.36 and a 200-day moving average of $7.05. The firm has a market capitalization of $2.08 billion, a PE ratio of 32.20 and a beta of 1.65. Cliffs Natural Resources has a 12-month low of $4.91 and a 12-month high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings data on Friday, October 20th. The mining company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The business had revenue of $698.00 million during the quarter, compared to analyst estimates of $669.25 million. During the same period in the prior year, the business earned ($0.11) EPS. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. Equities analysts anticipate that Cliffs Natural Resources will post $0.87 earnings per share for the current year.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves bought 100,000 shares of Cliffs Natural Resources stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of $7.11 per share, with a total value of $711,000.00. Following the transaction, the chairman now directly owns 3,586,970 shares of the company’s stock, valued at $25,503,356.70. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers purchased a new stake in Cliffs Natural Resources during the 2nd quarter valued at about $1,664,000. Advisory Services Network LLC grew its position in 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 during the last quarter. Public Employees Retirement System of Ohio grew its position in 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 during the last quarter. Ameritas Investment Partners Inc. grew its position in 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 during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in 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 during the last quarter. 58.28% of the stock is currently owned by institutional investors.
Cliffs Natural Resources Company Profile
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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