Cliffs Natural Resources Inc. (NYSE:CLF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm presently has a $6.50 price objective on the mining company’s stock. Zacks Investment Research’s price target indicates a potential upside of 10.36% from the company’s current price.
According to Zacks, “Estimates for Cliffs have been going up of late. Cliffs remains focused on improving its cost structure, which will bear fruit in future reporting periods. The company is also boosting its mining and transportation capacity globally. It should also gain from the recent ArcelorMittal and U.S. Steel Canada deal. Moreover, Cliffs remains focused on deleveraging its balance sheet.”
A number of other brokerages have also weighed in on CLF. Morgan Stanley restated a “sell” rating and issued a $3.00 price objective on shares of Cliffs Natural Resources in a report on Wednesday, September 28th. Axiom Securities restated a “sell” rating on shares of Cliffs Natural Resources in a report on Tuesday, August 30th. JPMorgan Chase & Co. reduced their price objective on shares of Cliffs Natural Resources from $10.50 to $10.00 and set an “overweight” rating on the stock in a report on Friday, July 29th. Cowen and Company raised their price objective on shares of Cliffs Natural Resources from $6.00 to $9.00 and gave the company a “market perform” rating in a report on Wednesday, August 3rd. Finally, Macquarie reduced their price objective on shares of Cliffs Natural Resources from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Monday, August 29th. Seven analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $4.78.
Cliffs Natural Resources (NYSE:CLF) traded down 0.598% during midday trading on Monday, hitting $5.815. 2,599,762 shares of the stock traded hands. The company has a market cap of $1.07 billion, a P/E ratio of 28.930 and a beta of 1.75. Cliffs Natural Resources has a one year low of $1.20 and a one year high of $8.45. The company’s 50 day moving average is $5.95 and its 200-day moving average is $5.11.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, July 28th. The mining company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.00 by $0.07. The firm earned $496 million during the quarter, compared to analyst estimates of $482.37 million. During the same quarter in the previous year, the business posted ($0.28) earnings per share. Cliffs Natural Resources’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities research analysts forecast that Cliffs Natural Resources will post $1.09 EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of Cliffs Natural Resources by 52.8% in the first quarter. Renaissance Technologies LLC now owns 10,432,099 shares of the mining company’s stock valued at $31,296,000 after buying an additional 3,605,299 shares during the last quarter. State Street Corp increased its stake in shares of Cliffs Natural Resources by 43.5% in the first quarter. State Street Corp now owns 11,587,242 shares of the mining company’s stock valued at $34,763,000 after buying an additional 3,514,416 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Cliffs Natural Resources by 186.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 4,220,732 shares of the mining company’s stock worth $23,932,000 after buying an additional 2,746,729 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in Cliffs Natural Resources during the first quarter worth approximately $2,500,000. Finally, JPMorgan Chase & Co. increased its stake in Cliffs Natural Resources by 119.6% in the first quarter. JPMorgan Chase & Co. now owns 1,211,325 shares of the mining company’s stock worth $3,634,000 after buying an additional 659,797 shares in the last quarter. 50.66% of the stock is currently owned by institutional investors and hedge funds.
Cliffs Natural Resources Company Profile
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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