Today: Today, Cliffs Natural Resources Inc. (CLF) Bond Prices Rise 1%

Today, Cliffs Natural Resources Inc. (CLF) Bond Prices Rise 1%

An issue of Cliffs Natural Resources Inc. (NYSE:CLF) bonds rose 1% against their face value during trading on Wednesday. The high-yield issue of debt has a 6.25% coupon and is set to mature on October 1, 2040. The debt is now trading at $79.00 and was trading at $74.75 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

Several equities analysts recently commented on the company. Vetr downgraded Cliffs Natural Resources from a “sell” rating to a “strong sell” rating and set a $6.42 target price for the company. in a research report on Monday, November 14th. FBR & Co restated a “hold” rating on shares of Cliffs Natural Resources in a research report on Thursday, November 3rd. Zacks Investment Research downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 17th. Credit Suisse Group AG set a $2.00 target price on Cliffs Natural Resources and gave the stock a “sell” rating in a research report on Saturday, October 8th. Finally, Morgan Stanley restated a “sell” rating and set a $3.00 target price on shares of Cliffs Natural Resources in a research report on Wednesday, September 28th. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $5.54.

Shares of Cliffs Natural Resources Inc. (NYSE:CLF) opened at 9.20 on Friday. The firm has a market capitalization of $2.12 billion, a PE ratio of 46.94 and a beta of 1.42. The company’s 50 day moving average price is $6.33 and its 200-day moving average price is $5.83. Cliffs Natural Resources Inc. has a 52 week low of $1.20 and a 52 week high of $9.38.

Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings results on Thursday, October 27th. The mining company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.30. The company earned $553 million during the quarter, compared to analyst estimates of $597.30 million. Cliffs Natural Resources’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. On average, equities research analysts expect that Cliffs Natural Resources Inc. will post $0.77 EPS for the current fiscal year.

In related news, Director John T. Baldwin purchased 10,000 shares of Cliffs Natural Resources stock in a transaction that occurred on Monday, October 31st. The shares were acquired at an average price of $5.49 per share, with a total value of $54,900.00. Following the completion of the transaction, the director now directly owns 68,160 shares of the company’s stock, valued at approximately $374,198.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric M. Rychel bought 5,000 shares of Cliffs Natural Resources stock in a transaction on Wednesday, November 2nd. The stock was acquired at an average cost of $5.55 per share, for a total transaction of $27,750.00. Following the acquisition, the director now owns 11,845 shares in the company, valued at approximately $65,739.75. The disclosure for this purchase can be found here. Corporate insiders own 4.52% of the company’s stock.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Cliffs Natural Resources by 15.1% in the first quarter. BlackRock Inc. now owns 35,494 shares of the mining company’s stock worth $107,000 after buying an additional 4,666 shares in the last quarter. Stifel Financial Corp increased its stake in shares of Cliffs Natural Resources by 20.8% in the second quarter. Stifel Financial Corp now owns 19,532 shares of the mining company’s stock worth $111,000 after buying an additional 3,360 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Cliffs Natural Resources by 19.0% in the second quarter. Teacher Retirement System of Texas now owns 19,954 shares of the mining company’s stock worth $113,000 after buying an additional 3,189 shares in the last quarter. LMR Partners LLP acquired a new stake in shares of Cliffs Natural Resources during the second quarter worth $114,000. Finally, IPG Investment Advisors LLC acquired a new stake in shares of Cliffs Natural Resources during the third quarter worth $123,000. 53.98% of the stock is currently owned by hedge funds and other institutional investors.

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