Zacks Investment Research cut shares of Cliffs Natural Resources Inc. (NYSE:CLF) from a hold rating to a sell rating in a research report sent to investors on Wednesday, November 1st.
According to Zacks, “Cleveland-Cliffs swung to a profit in third-quarter 2017. Both earnings and sales beat the respective Zacks Consensus Estimate. The company, however, cut its sales volume outlook for 2017. Cleveland-Cliffs has underperformed the industry it belongs to year to date. The company is faced with a challenging operating environment and pricing headwinds. Rising global supplies are expected to put downward pressure on iron ore prices in the balance of 2017. Demand for iron ore in China also remain soft. “
A number of other analysts have also weighed in on the company. ValuEngine lowered Cliffs Natural Resources from a strong-buy rating to a buy rating in a report on Friday, September 1st. Axiom Securities restated a sell rating on shares of Cliffs Natural Resources in a report on Tuesday, July 25th. FBR & Co restated a buy rating and set a $10.00 target price on shares of Cliffs Natural Resources in a report on Friday, October 20th. KeyCorp reaffirmed a hold rating on shares of Cliffs Natural Resources in a research report on Tuesday, September 19th. Finally, Jefferies Group LLC reaffirmed a buy rating on shares of Cliffs Natural Resources in a research report on Monday, September 18th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $8.97.
Shares of Cliffs Natural Resources (CLF) opened at $6.13 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.89 and a debt-to-equity ratio of -2.03. The stock has a market capitalization of $1,780.00, a P/E ratio of 6.36 and a beta of 1.58. Cliffs Natural Resources has a twelve month low of $5.56 and a twelve month high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly 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 firm had revenue of $698.00 million during 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%. Cliffs Natural Resources’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.11) earnings per share. research analysts expect that Cliffs Natural Resources will post 0.49 EPS for the current fiscal year.
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In related news, Chairman Lourenco Goncalves purchased 100,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were bought at an average cost of $7.11 per share, with a total value of $711,000.00. Following the transaction, the chairman now owns 3,586,970 shares of the company’s stock, valued at $25,503,356.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Nordea Investment Management AB boosted its stake in shares of Cliffs Natural Resources by 12.1% during the 2nd quarter. Nordea Investment Management AB now owns 716,957 shares of the mining company’s stock worth $4,961,000 after acquiring an additional 77,549 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of Cliffs Natural Resources by 19.0% during the 2nd quarter. Voya Investment Management LLC now owns 137,280 shares of the mining company’s stock worth $950,000 after acquiring an additional 21,881 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cliffs Natural Resources by 30.0% during the 1st quarter. Geode Capital Management LLC now owns 3,125,683 shares of the mining company’s stock worth $25,661,000 after acquiring an additional 721,544 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Cliffs Natural Resources by 53.3% during the 1st quarter. Vanguard Group Inc. now owns 25,642,631 shares of the mining company’s stock worth $210,526,000 after acquiring an additional 8,918,169 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake 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 acquiring an additional 10,519 shares in the last quarter. 57.81% of the stock is currently owned by institutional investors and hedge funds.
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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