Hodges Capital Management Inc. boosted its stake in Cliffs Natural Resources Inc (NYSE:CLF) by 15.6% during the second quarter, Holdings Channel reports. The firm owned 1,976,835 shares of the mining company’s stock after buying an additional 266,235 shares during the period. Hodges Capital Management Inc.’s holdings in Cliffs Natural Resources were worth $13,680,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Cliffs Natural Resources by 23,956.0% in the first quarter. BlackRock Inc. now owns 18,554,188 shares of the mining company’s stock valued at $152,330,000 after buying an additional 18,477,059 shares during the period. Vanguard Group Inc. boosted its stake in Cliffs Natural Resources by 53.3% in the first quarter. Vanguard Group Inc. now owns 25,642,631 shares of the mining company’s stock valued at $210,526,000 after buying an additional 8,918,169 shares during the period. Old Mutual Global Investors UK Ltd. purchased a new stake in Cliffs Natural Resources during the first quarter valued at approximately $45,125,000. Bridgewater Associates LP purchased a new stake in Cliffs Natural Resources during the first quarter valued at approximately $31,595,000. Finally, Wellington Management Group LLP boosted its stake in Cliffs Natural Resources by 574.0% in the first quarter. Wellington Management Group LLP now owns 4,366,103 shares of the mining company’s stock valued at $35,846,000 after buying an additional 3,718,310 shares during the period. Institutional investors own 66.58% of the company’s stock.
Cliffs Natural Resources Inc (NYSE CLF) opened at 7.76 on Tuesday. The stock has a market capitalization of $2.30 billion, a P/E ratio of 35.60 and a beta of 1.69. Cliffs Natural Resources Inc has a 12-month low of $4.91 and a 12-month high of $12.37. The firm’s 50-day moving average is $6.94 and its 200 day moving average is $7.88. Cliffs Natural Resources also saw some unusual options trading activity on Monday. Stock investors acquired 1,191 put options on the company. This is an increase of 121% compared to the typical volume of 538 put options.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings results on Thursday, July 27th. The mining company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.08. The business had revenue of $569.30 million during the quarter, compared to analyst estimates of $485.93 million. During the same period in the previous year, the company posted $0.07 earnings per share. Cliffs Natural Resources’s revenue was up 14.7% compared to the same quarter last year. Equities research analysts anticipate that Cliffs Natural Resources Inc will post $0.91 earnings per share for the current year.
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CLF has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Cliffs Natural Resources from a “hold” rating to a “buy” rating and set a $7.75 target price for the company in a research note on Thursday, April 20th. FBR & Co upgraded shares of Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Friday, April 28th. ValuEngine upgraded shares of Cliffs Natural Resources from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 11th. TheStreet cut shares of Cliffs Natural Resources from a “c” rating to a “d+” rating in a research note on Thursday, May 4th. Finally, Cowen and Company reiterated a “market perform” rating and issued a $7.00 price objective on shares of Cliffs Natural Resources in a research note on Wednesday, June 28th. Four analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $8.50.
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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