Today: Today, Vetr Inc. Downgrade Cliffs Natural Resources Inc. (CLF) to Buy

Today, Vetr Inc. Downgrade Cliffs Natural Resources Inc. (CLF) to Buy

Cliffs Natural Resources Inc. (NYSE:CLF) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Monday. They currently have a $6.42 target price on the mining company’s stock. Vetr‘s price objective suggests a potential downside of 35.22% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley reaffirmed a “sell” rating and issued a $2.00 target price on shares of Cliffs Natural Resources in a report on Tuesday, August 16th. Credit Suisse Group AG reaffirmed an “underperform” rating and issued a $2.00 target price (down from $5.58) on shares of Cliffs Natural Resources in a report on Friday, October 7th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $10.50 target price (up from $7.00) on shares of Cliffs Natural Resources in a report on Tuesday, July 12th. FBR & Co upped their target price on shares of Cliffs Natural Resources from $4.00 to $7.00 and gave the company a “market perform” rating in a report on Tuesday, July 26th. Finally, Zacks Investment Research cut shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a report on Monday, August 29th. Seven equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Cliffs Natural Resources has a consensus rating of “Hold” and an average target price of $5.54.

Cliffs Natural Resources (NYSE:CLF) traded up 7.72% during midday trading on Monday, reaching $9.91. The company’s stock had a trading volume of 21,482,224 shares. The firm has a market cap of $2.29 billion, a P/E ratio of 50.56 and a beta of 1.42. The firm has a 50 day moving average price of $6.48 and a 200-day moving average price of $5.88. Cliffs Natural Resources has a 52 week low of $1.20 and a 52 week high of $9.94.

Cliffs Natural Resources (NYSE:CLF) last issued its 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 firm had revenue of $553 million for the quarter, compared to the consensus estimate of $597.30 million. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.10) earnings per share. On average, analysts forecast that Cliffs Natural Resources will post $0.77 earnings per share for the current fiscal year.

In related news, Director Eric M. Rychel bought 5,000 shares of the business’s stock in a transaction on Wednesday, November 2nd. The shares were purchased at an average price of $5.55 per share, for a total transaction of $27,750.00. Following the completion of the transaction, the director now directly owns 11,845 shares of the company’s stock, valued at approximately $65,739.75. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph A. Rutkowski bought 6,000 shares of the business’s stock in a transaction on Friday, October 28th. The stock was bought at an average price of $5.32 per share, for a total transaction of $31,920.00. Following the transaction, the director now directly owns 68,236 shares of the company’s stock, valued at $363,015.52. The disclosure for this purchase can be found here. Corporate insiders own 4.52% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD bought a new stake in shares of Cliffs Natural Resources during the third quarter worth $502,000. Credit Suisse AG raised its stake in shares of Cliffs Natural Resources by 11.1% in the third quarter. Credit Suisse AG now owns 652,840 shares of the mining company’s stock worth $3,819,000 after buying an additional 65,059 shares in the last quarter. Eaton Vance Management raised its stake in shares of Cliffs Natural Resources by 1.2% in the third quarter. Eaton Vance Management now owns 1,108,595 shares of the mining company’s stock worth $6,485,000 after buying an additional 13,581 shares in the last quarter. Panagora Asset Management Inc. raised its stake in shares of Cliffs Natural Resources by 8,596.6% in the third quarter. Panagora Asset Management Inc. now owns 330,470 shares of the mining company’s stock worth $1,933,000 after buying an additional 326,670 shares in the last quarter. Finally, National Asset Management Inc. raised its stake in shares of Cliffs Natural Resources by 55.6% in the third quarter. National Asset Management Inc. now owns 23,520 shares of the mining company’s stock worth $138,000 after buying an additional 8,400 shares in the last quarter. Hedge funds and other institutional investors own 53.98% of the company’s stock.

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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