Cliffs Natural Resources Inc. (NYSE:CLF) was the target of a large increase in short interest in October. As of October 13th, there was short interest totalling 42,599,044 shares, an increase of 16.0% from the September 29th total of 36,737,683 shares. Currently, 15.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 8,859,019 shares, the days-to-cover ratio is currently 4.8 days.

In related news, Chairman Lourenco Goncalves purchased 100,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were acquired at an average price of $7.11 per share, with a total value of $711,000.00. Following the purchase, the chairman now directly owns 3,586,970 shares in the company, valued at $25,503,356.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Cliffs Natural Resources by 24.7% in the 2nd quarter. Vanguard Group Inc. now owns 31,963,836 shares of the mining company’s stock valued at $221,190,000 after purchasing an additional 6,321,205 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Cliffs Natural Resources by 1.6% in the 2nd quarter. BlackRock Inc. now owns 18,860,269 shares of the mining company’s stock valued at $130,512,000 after purchasing an additional 306,081 shares in the last quarter. State Street Corp boosted its holdings in shares of Cliffs Natural Resources by 6.5% in the 2nd quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock valued at $74,189,000 after purchasing an additional 653,261 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cliffs Natural Resources by 20.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock valued at $43,581,000 after purchasing an additional 1,056,056 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Cliffs Natural Resources by 16.8% in the 2nd quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock valued at $34,446,000 after purchasing an additional 717,021 shares in the last quarter. 58.27% of the stock is currently owned by hedge funds and other institutional investors.

CLF has been the topic of several recent analyst reports. ValuEngine raised Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Jefferies Group LLC initiated coverage on Cliffs Natural Resources in a research note on Friday, July 7th. They issued a “buy” rating and a $9.00 price target on the stock. BidaskClub raised Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. FBR & Co reaffirmed a “buy” rating and issued a $10.00 price target on shares of Cliffs Natural Resources in a research note on Wednesday, September 6th. 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, five have issued a hold rating and four have assigned a buy rating to the stock. Cliffs Natural Resources has a consensus rating of “Hold” and an average target price of $8.79.

Cliffs Natural Resources (CLF) opened at 6.31 on Friday. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 28.94 and a beta of 1.65. The firm has a 50-day moving average price of $7.15 and a 200-day moving average price of $6.99. Cliffs Natural Resources has a 1-year low of $5.28 and a 1-year high of $12.37.

Cliffs Natural Resources (NYSE:CLF) last issued its earnings results on Friday, October 20th. The mining company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.06. The firm had revenue of $698.00 million for the quarter, compared to the consensus estimate of $669.25 million. Cliffs Natural Resources had a negative return on equity of 29.06% and a net margin of 5.48%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) EPS. On average, analysts expect that Cliffs Natural Resources will post $0.70 earnings per share for the current fiscal year.

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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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