Cliffs Natural Resources Inc. (NYSE:CLF) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 39,058,148 shares, a drop of 8.3% from the October 13th total of 42,599,044 shares. Currently, 14.0% of the shares of the stock are sold short. Based on an average trading volume of 14,592,090 shares, the days-to-cover ratio is currently 2.7 days.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves purchased 100,000 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was purchased at an average price of $7.11 per share, for a total transaction of $711,000.00. Following the transaction, the chairman now owns 3,586,970 shares in the company, valued at approximately $25,503,356.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.
Several large investors have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new position in shares of Cliffs Natural Resources during the third quarter valued at $1,195,000. Cetera Investment Advisers bought a new position in shares of Cliffs Natural Resources during the second quarter valued at $1,664,000. Advisory Services Network LLC lifted its holdings in shares of Cliffs Natural Resources by 743.6% during the second 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 in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Cliffs Natural Resources by 34.1% during the second 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 in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in shares of Cliffs Natural Resources by 8.3% during the second 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 in the last quarter. 56.76% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cliffs Natural Resources (NYSE:CLF) traded up $0.04 during mid-day trading on Wednesday, reaching $6.09. The company had a trading volume of 21,906,612 shares, compared to its average volume of 14,334,221. The company has a debt-to-equity ratio of -2.03, a quick ratio of 1.18 and a current ratio of 1.89. Cliffs Natural Resources has a 12 month low of $5.56 and a 12 month high of $12.37. The stock has a market capitalization of $2,001.44, a PE ratio of 7.34 and a beta of 1.59.
Cliffs Natural Resources (NYSE:CLF) last released its earnings results 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 negative return on equity of 29.06% and a net margin of 5.48%. The business had revenue of $698.00 million for the quarter, compared to the consensus estimate of $669.25 million. During the same period in the previous year, the company posted ($0.11) earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. equities research analysts predict that Cliffs Natural Resources will post 0.49 earnings per share for the current year.
Several brokerages have weighed in on CLF. B. Riley reiterated a “buy” rating on shares of Cliffs Natural Resources in a research report on Wednesday, November 1st. BidaskClub cut Cliffs Natural Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. FBR & Co set a $10.00 target price on Cliffs Natural Resources and gave the company a “buy” rating in a research note on Monday, October 2nd. KeyCorp reissued a “hold” rating on shares of Cliffs Natural Resources in a research note on Tuesday, September 19th. Finally, Cowen set a $7.00 target price on Cliffs Natural Resources and gave the company a “hold” rating in a research note on Tuesday, October 17th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $8.97.
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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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