An issue of Cliffs Natural Resources Inc (NYSE:CLF) bonds rose 1.8% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 5.75% coupon and is set to mature on March 1, 2025. The bonds in the issue are now trading at $96.50 and were trading at $93.75 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
CLF has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Cliffs Natural Resources from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, March 27th. Zacks Investment Research cut shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, March 21st. Axiom Securities reaffirmed a “sell” rating on shares of Cliffs Natural Resources in a research report on Thursday, March 16th. FBR & Co reaffirmed a “market perform” rating and issued a $11.00 price objective (up from $10.00) on shares of Cliffs Natural Resources in a research report on Thursday, February 16th. Finally, Credit Suisse Group AG reaffirmed an “underperform” rating and issued a $6.00 price objective on shares of Cliffs Natural Resources in a research report on Friday, January 13th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Cliffs Natural Resources currently has an average rating of “Hold” and a consensus target price of $8.81.
Shares of Cliffs Natural Resources Inc (NYSE:CLF) traded down 1.39% during midday trading on Friday, reaching $7.11. 19,165,252 shares of the company’s stock traded hands. The company has a 50 day moving average of $8.46 and a 200 day moving average of $8.43. Cliffs Natural Resources Inc has a 52-week low of $2.77 and a 52-week high of $12.37. The firm has a market cap of $1.66 billion, a PE ratio of 8.16 and a beta of 1.63. Cliffs Natural Resources also was the target of unusually large options trading activity on Thursday. Traders purchased 25,134 call options on the company. This represents an increase of approximately 155% compared to the typical volume of 9,865 call options.
Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings data on Thursday, February 9th. The mining company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.19. Cliffs Natural Resources had a net margin of 8.26% and a negative return on equity of 6.02%. The business earned $754 million during the quarter, compared to the consensus estimate of $662.09 million. During the same quarter last year, the company posted ($0.39) earnings per share. The firm’s quarterly revenue was up 58.4% compared to the same quarter last year. On average, equities analysts predict that Cliffs Natural Resources Inc will post $1.44 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its stake in Cliffs Natural Resources by 40.3% in the third quarter. BNP Paribas Arbitrage SA now owns 59,118 shares of the mining company’s stock worth $346,000 after buying an additional 16,980 shares during the period. California Public Employees Retirement System increased its stake in Cliffs Natural Resources by 14.1% in the third quarter. California Public Employees Retirement System now owns 2,741,600 shares of the mining company’s stock worth $16,038,000 after buying an additional 339,500 shares during the period. Chicago Equity Partners LLC bought a new stake in Cliffs Natural Resources during the third quarter worth about $893,000. Old Mutual Global Investors UK Ltd. bought a new stake in Cliffs Natural Resources during the third quarter worth about $13,535,000. Finally, Alambic Investment Management L.P. bought a new stake in Cliffs Natural Resources during the third quarter worth about $598,000. Institutional investors and hedge funds own 58.73% of the company’s stock.
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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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