Today: The Zacks Investment Research Lowers Cliffs Natural Resources Inc. (CLF) to Hold

The Zacks Investment Research Lowers Cliffs Natural Resources Inc. (CLF) to Hold

Cliffs Natural Resources Inc. (NYSE:CLF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Cliffs remains focused on improving its cost structure, which will bear fruit in future reporting periods. The company is also boosting its mining and transportation capacity globally. It should also gain from the recent ArcelorMittal and U.S. Steel Canada deal. Moreover, Cliffs remains focused on deleveraging its balance sheet. However, the company is faced with a challenging operating environment and pricing pressure. Seaborne iron ore prices are expected to remain weak in the near future.”

Other research analysts have also recently issued reports about the company. 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 research report on Tuesday, July 12th. FBR & Co set a $6.00 price target on Cliffs Natural Resources and gave the company a “hold” rating in a research report on Thursday. TheStreet raised Cliffs Natural Resources from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. Cowen and Company increased their price target 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. Finally, Clarkson Capital raised Cliffs Natural Resources from a “sell” rating to a “neutral” rating in a research report on Monday, July 18th. Seven 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 company’s stock. Cliffs Natural Resources has a consensus rating of “Hold” and an average price target of $4.78.

Shares of Cliffs Natural Resources (NYSE:CLF) traded up 7.49% on Monday, reaching $5.74. The company’s stock had a trading volume of 3,829,482 shares. Cliffs Natural Resources has a 1-year low of $1.20 and a 1-year high of $8.45. The company’s 50 day moving average is $5.77 and its 200-day moving average is $5.29. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 28.56 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 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.00 by $0.07. The firm had revenue of $496 million for the quarter, compared to the consensus estimate of $482.37 million. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.28) earnings per share. Equities research analysts expect that Cliffs Natural Resources will post $1.09 EPS for the current year.

Several institutional investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC raised its position in shares of Cliffs Natural Resources by 10.6% in the first quarter. TIAA CREF Investment Management LLC now owns 1,597,899 shares of the mining company’s stock valued at $4,794,000 after buying an additional 153,382 shares during the last quarter. Teachers Advisors Inc. raised its position in shares of 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. BlackRock Inc. raised its position 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 valued at $107,000 after buying an additional 4,666 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Cliffs Natural Resources by 119.6% in the first quarter. JPMorgan Chase & Co. now owns 1,211,325 shares of the mining company’s stock valued at $3,634,000 after buying an additional 659,797 shares during the last quarter. Finally, State Street Corp raised its position in shares of Cliffs Natural Resources by 43.5% in the first quarter. State Street Corp now owns 11,587,242 shares of the mining company’s stock valued at $34,763,000 after buying an additional 3,514,416 shares during the last quarter. Institutional investors own 50.67% 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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