The Cliffs Natural Resources Inc. (CLF) Shares Down 4.7% Following Analyst Downgrade

The Cliffs Natural Resources Inc. (CLF)  Shares Down 4.7%  Following Analyst Downgrade

Cliffs Natural Resources Inc. (NYSE:CLF) was down 4.7% during mid-day trading on Thursday after FBR & Co lowered their price target on the stock from $8.00 to $6.00. FBR & Co currently has a market perform rating on the stock. Cliffs Natural Resources traded as low as $5.31 and last traded at $5.46, with a volume of 4,812,094 shares trading hands. The stock had previously closed at $5.73.

A number of other research analysts have also commented on CLF. Zacks Investment Research lowered Cliffs Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, July 8th. JPMorgan Chase & Co. reissued a “buy” rating and set a $10.50 price target (up from $7.00) on shares of Cliffs Natural Resources in a report on Tuesday, July 12th. Clarkson Capital raised Cliffs Natural Resources from a “sell” rating to a “neutral” rating in a report on Monday, July 18th. TheStreet raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Finally, Cowen and Company raised their price target on Cliffs Natural Resources from $6.00 to $9.00 and gave the company a “market perform” rating in a report on Wednesday, August 3rd. Seven equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Cliffs Natural Resources currently has a consensus rating of “Hold” and an average target price of $4.78.

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. raised 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 during the last quarter. Stifel Financial Corp raised 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 during the last quarter. Teacher Retirement System of Texas raised 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 during the last quarter. LMR Partners LLP acquired a new stake in shares of Cliffs Natural Resources during the second quarter worth approximately $114,000. Finally, Amalgamated Bank raised its stake in shares of Cliffs Natural Resources by 16.4% in the second quarter. Amalgamated Bank now owns 19,188 shares of the mining company’s stock worth $127,000 after buying an additional 2,710 shares during the last quarter. Hedge funds and other institutional investors own 50.66% of the company’s stock.

The company has a 50 day moving average price of $5.79 and a 200 day moving average price of $5.27. The firm has a market capitalization of $1.01 billion, a PE ratio of 27.21 and a beta of 1.75.

Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings data on Thursday, July 28th. The mining company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.00 by $0.07. The business earned $496 million during the quarter, compared to analyst estimates of $482.37 million. Cliffs Natural Resources’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.28) EPS. Equities research analysts predict that Cliffs Natural Resources Inc. will post $1.09 earnings per share for the current fiscal year.

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