An issue of Cliffs Natural Resources Inc. (NYSE:CLF) bonds fell 1% against their face value during trading on Monday. The high-yield issue of debt has a 5.75% coupon and is set to mature on March 1, 2025. The debt is now trading at $98.00 and was trading at $99.25 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
CLF has been the topic of several recent research reports. Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a research note on Tuesday, July 25th. ValuEngine raised Cliffs Natural Resources from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 11th. FBR & Co raised Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $11.00 to $10.00 in a research note on Friday, April 28th. Zacks Investment Research downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Finally, BidaskClub raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Five research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $8.50.
Shares of Cliffs Natural Resources Inc. (NYSE CLF) opened at 7.40 on Friday. The stock’s 50 day moving average price is $7.33 and its 200-day moving average price is $7.75. The company has a market cap of $2.19 billion, a PE ratio of 33.94 and a beta of 1.69. Cliffs Natural Resources Inc. has a one year low of $4.91 and a one year high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last announced its earnings results on Thursday, July 27th. The mining company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.08. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The business had revenue of $569.30 million during the quarter, compared to analysts’ expectations of $485.93 million. During the same period in the prior year, the company earned $0.07 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis. On average, analysts expect that Cliffs Natural Resources Inc. will post $0.94 EPS for the current year.
In other Cliffs Natural Resources news, Chairman Lourenco Goncalves bought 100,000 shares of Cliffs Natural Resources stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $7.19 per share, with a total value of $719,000.00. Following the completion of the acquisition, the chairman now owns 3,486,970 shares in the company, valued at $25,071,314.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Horseman Capital Management Ltd acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth approximately $25,959,000. Emerald Advisers Inc. PA acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth approximately $13,889,000. Emerald Mutual Fund Advisers Trust purchased a new position in Cliffs Natural Resources during the first quarter worth $10,835,000. DUPONT CAPITAL MANAGEMENT Corp raised its position in Cliffs Natural Resources by 75.1% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 75,033 shares of the mining company’s stock worth $616,000 after buying an additional 32,174 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. purchased a new position in Cliffs Natural Resources during the first quarter worth $45,125,000. 65.23% of the stock is owned by institutional investors and hedge funds.
About Cliffs Natural Resources
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. The Company is a producer of iron ore pellets, primarily selling production from U.S.
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