Cliffs Natural Resources Inc. (CLF) Shares Bought by American International Group Inc.

American International Group Inc. raised its position in Cliffs Natural Resources Inc. (NYSE:CLF) by 69.4% during the first quarter, Holdings Channel reports. The fund owned 171,247 shares of the mining company’s stock after buying an additional 70,156 shares during the period. American International Group Inc. owned about 0.06% of Cliffs Natural Resources worth $1,406,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. SFE Investment Counsel acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth approximately $112,000. First Allied Advisory Services Inc. acquired a new stake in shares of Cliffs Natural Resources during the fourth quarter worth approximately $129,000. 361 Capital LLC acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth approximately $129,000. Strs Ohio raised its stake in shares of Cliffs Natural Resources by 103.8% in the first quarter. Strs Ohio now owns 15,900 shares of the mining company’s stock worth $130,000 after buying an additional 8,100 shares during the last quarter. Finally, Wedbush Securities Inc. acquired a new stake in shares of Cliffs Natural Resources during the first quarter worth approximately $131,000. 66.73% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for Cliffs Natural Resources (NYSE:CLF)

Cliffs Natural Resources Inc. (CLF) opened at 6.62 on Friday. The stock has a 50 day moving average price of $6.17 and a 200 day moving average price of $8.33. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 38.71 and a beta of 1.68. Cliffs Natural Resources Inc. has a 52-week low of $4.55 and a 52-week high of $12.37. Cliffs Natural Resources also was the recipient of unusually large options trading on Friday. Stock investors acquired 8,895 put options on the company. This represents an increase of 191% compared to the typical volume of 3,052 put options.

Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings data on Thursday, April 27th. The mining company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by $0.27. The company had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $412.71 million. Cliffs Natural Resources had a negative return on equity of 5.79% and a net margin of 1.68%. The company’s revenue for the quarter was up 51.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 earnings per share. Analysts expect that Cliffs Natural Resources Inc. will post $0.96 EPS for the current fiscal year.

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Several brokerages have commented on CLF. FBR & Co set a $10.00 price objective on Cliffs Natural Resources and gave the company a “buy” rating in a research report on Saturday, June 17th. ValuEngine lowered Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research lowered Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. TheStreet lowered Cliffs Natural Resources from a “c” rating to a “d+” rating in a research report on Thursday, May 4th. Finally, Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a research report on Thursday, March 16th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $8.69.

In related news, Director John T. Baldwin acquired 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was purchased at an average cost of $6.32 per share, for a total transaction of $37,920.00. Following the purchase, the director now directly owns 87,991 shares of the company’s stock, valued at approximately $556,103.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Lourenco Goncalves acquired 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were bought at an average price of $6.31 per share, with a total value of $1,262,000.00. Following the completion of the purchase, the chairman now directly owns 2,855,296 shares in the company, valued at $18,016,917.76. The disclosure for this purchase can be found here. Insiders have purchased a total of 215,250 shares of company stock valued at $1,361,283 over the last 90 days. 0.46% of the stock is currently owned by company insiders.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CLF”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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