Cliffs Natural Resources Inc. (CLF) Expected to Post Quarterly Sales of $664.10 Million
Wall Street brokerages predict that Cliffs Natural Resources Inc. (NYSE:CLF) will post $664.10 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Cliffs Natural Resources’ earnings, with estimates ranging from $608.00 million to $758.20 million. Cliffs Natural Resources reported sales of $754.00 million in the same quarter last year, which indicates a negative year over year growth rate of 11.9%. The firm is scheduled to announce its next quarterly earnings results on Thursday, February 8th.
On average, analysts expect that Cliffs Natural Resources will report full-year sales of $664.10 million for the current year, with estimates ranging from $2.29 billion to $2.47 billion. For the next year, analysts anticipate that the firm will report sales of $2.35 billion per share, with estimates ranging from $2.17 billion to $2.44 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Cliffs Natural Resources.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Friday, October 20th. The mining company reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. The company had revenue of $698.00 million during the quarter, compared to analyst estimates of $669.25 million. Cliffs Natural Resources had a net margin of 5.48% and a negative return on equity of 29.06%. Cliffs Natural Resources’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.11) earnings per share.
Several research analysts recently weighed in on CLF shares. BidaskClub raised shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC started coverage on shares of Cliffs Natural Resources in a research note on Friday, July 7th. They issued a “buy” rating and a $9.00 target price for the company. Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a research note on Thursday, July 13th. Zacks Investment Research raised shares of Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, ValuEngine downgraded shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $8.79.
In other news, Chairman Lourenco Goncalves bought 100,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average price of $7.19 per share, for a total transaction of $719,000.00. Following the acquisition, the chairman now owns 3,486,970 shares of the company’s stock, valued at $25,071,314.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.46% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of CLF. Karp Capital Management Corp purchased a new stake in shares of Cliffs Natural Resources during the 1st quarter worth about $172,000. Ameriprise Financial Inc. purchased a new stake in shares of Cliffs Natural Resources during the 1st quarter worth about $285,000. Prudential Financial Inc. grew its holdings in shares of Cliffs Natural Resources by 19.1% during the 1st quarter. Prudential Financial Inc. now owns 28,132 shares of the mining company’s stock worth $231,000 after purchasing an additional 4,510 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Cliffs Natural Resources by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 160,889 shares of the mining company’s stock worth $1,321,000 after purchasing an additional 10,519 shares during the period. Finally, Teachers Advisors LLC grew its holdings in shares of Cliffs Natural Resources by 39.0% during the 1st quarter. Teachers Advisors LLC now owns 533,339 shares of the mining company’s stock worth $4,379,000 after purchasing an additional 149,563 shares during the period. Institutional investors and hedge funds own 58.12% of the company’s stock.
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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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