IFC Holdings Incorporated FL reduced its stake in Cliffs Natural Resources Inc. (NYSE:CLF) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 21,340 shares of the mining company’s stock after selling 275 shares during the period. IFC Holdings Incorporated FL’s holdings in Cliffs Natural Resources were worth $123,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ausdal Financial Partners Inc. raised its position in Cliffs Natural Resources by 11.5% in the second quarter. Ausdal Financial Partners Inc. now owns 28,031 shares of the mining company’s stock valued at $159,000 after buying an additional 2,900 shares during the last quarter. BlackRock Inc. raised its position in Cliffs Natural Resources by 15.1% in the first quarter. BlackRock Inc. now owns 35,494 shares of the mining company’s stock valued at $107,000 after buying an additional 4,666 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Cliffs Natural Resources by 1.1% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 555,033 shares of the mining company’s stock valued at $3,147,000 after buying an additional 5,991 shares during the last quarter. Teachers Advisors Inc. raised its position in Cliffs Natural Resources by 3.5% in the first quarter. Teachers Advisors Inc. now owns 544,734 shares of the mining company’s stock valued at $1,634,000 after buying an additional 18,634 shares during the last quarter. Finally, LMR Partners LLP bought a new position in Cliffs Natural Resources during the second quarter valued at approximately $114,000. 50.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Cliffs Natural Resources Inc. (NYSE:CLF) traded up 7.10% during mid-day trading on Friday, hitting $5.43. 19,391,174 shares of the stock traded hands. The company’s 50 day moving average is $5.78 and its 200 day moving average is $5.49. The firm has a market capitalization of $1.12 billion, a P/E ratio of 27.70 and a beta of 1.75. Cliffs Natural Resources Inc. has a one year low of $1.20 and a one year high of $8.45.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings results on Thursday, October 27th. The mining company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.30. The company had revenue of $553 million for the quarter, compared to the consensus estimate of $597.30 million. The business’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) earnings per share. On average, equities analysts expect that Cliffs Natural Resources Inc. will post $1.04 EPS for the current fiscal year.
Several research analysts have recently commented on the company. Credit Suisse Group AG set a $2.00 price target on Cliffs Natural Resources and gave the stock a “sell” rating in a research report on Saturday, October 8th. Cowen and Company upped their target price on Cliffs Natural Resources from $6.00 to $9.00 and gave the company a “market perform” rating in a research report on Wednesday, August 3rd. TheStreet raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $10.50 target price (up from $7.00) on shares of Cliffs Natural Resources in a research report on Tuesday, July 12th. Finally, Morgan Stanley reaffirmed a “sell” rating and set a $2.00 target price on shares of Cliffs Natural Resources in a research report on Tuesday, August 16th. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $5.54.
In related news, Director Joseph A. Rutkowski purchased 6,000 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The shares were bought at an average cost of $5.32 per share, with a total value of $31,920.00. Following the acquisition, the director now owns 68,236 shares of the company’s stock, valued at $363,015.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.52% of the stock is currently owned by corporate insiders.
Cliffs Natural Resources Company Profile
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.