Stock Traders Purchase High Volume of Cliffs Natural Resources Put Options (CLF)
Cliffs Natural Resources Inc. (NYSE:CLF) was the recipient of unusually large options trading activity on Wednesday. Traders purchased 1,191 put options on the stock. This is an increase of 121% compared to the typical volume of 538 put options.
In other news, Chairman Lourenco Goncalves purchased 100,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average cost of $7.11 per share, with a total value of $711,000.00. Following the completion of the acquisition, the chairman now directly owns 3,586,970 shares of the company’s stock, valued at approximately $25,503,356.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.46% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen Asset Management LLC raised its position in Cliffs Natural Resources by 1.2% in the first quarter. Nuveen Asset Management LLC now owns 13,974 shares of the mining company’s stock valued at $115,000 after purchasing an additional 164 shares during the period. Comerica Bank raised its position in Cliffs Natural Resources by 49.5% in the second quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock valued at $116,000 after purchasing an additional 5,129 shares during the period. ARP Americas LLC raised its position in Cliffs Natural Resources by 72.5% in the second quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock valued at $122,000 after purchasing an additional 7,400 shares during the period. D.A. Davidson & CO. raised its position in Cliffs Natural Resources by 486.8% in the second quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock valued at $128,000 after purchasing an additional 15,428 shares during the period. Finally, Moors & Cabot Inc. purchased a new stake in Cliffs Natural Resources in the second quarter valued at approximately $128,000. 58.12% of the stock is currently owned by institutional investors.
Cliffs Natural Resources (CLF) opened at $6.09 on Friday. The firm has a market cap of $1.83 billion, a PE ratio of 6.70 and a beta of 1.58. The company has a current ratio of 1.89, a quick ratio of 1.18 and a debt-to-equity ratio of -2.03.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Friday, October 20th. The mining company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. The company had revenue of $698.00 million for the quarter, compared to analyst estimates of $669.25 million. Cliffs Natural Resources had a negative return on equity of 29.06% and a net margin of 5.48%. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.11) earnings per share. analysts predict that Cliffs Natural Resources will post 0.49 EPS for the current fiscal year.
Several research firms recently issued reports on CLF. Zacks Investment Research cut shares of Cliffs Natural Resources from a “hold” rating to a “sell” rating in a report on Wednesday. J P Morgan Chase & Co cut shares of Cliffs Natural Resources from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $6.90 to $10.00 in a report on Monday, October 23rd. FBR & Co reissued a “buy” rating and set a $10.00 price target on shares of Cliffs Natural Resources in a report on Friday, October 20th. Cowen and Company set a $7.00 price target on shares of Cliffs Natural Resources and gave the stock a “hold” rating in a report on Tuesday, October 17th. Finally, KeyCorp reissued a “hold” rating on shares of Cliffs Natural Resources in a report on Tuesday, September 19th. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $8.79.
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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