Cliffs Natural Resources Inc. (CLF) Lowered to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Cliffs Natural Resources Inc. (NYSE:CLF) from a hold rating to a sell rating in a report published on Wednesday morning.
According to Zacks, “Cleveland-Cliffs swung to a profit in third-quarter 2017. Both earnings and sales beat the respective Zacks Consensus Estimate. The company, however, cut its sales volume outlook for 2017. Cleveland-Cliffs has underperformed the industry it belongs to year to date. The company is faced with a challenging operating environment and pricing headwinds. Rising global supplies are expected to put downward pressure on iron ore prices in the balance of 2017. Demand for iron ore in China also remain soft. “
A number of other analysts also recently issued reports on the company. J P Morgan Chase & Co downgraded Cliffs Natural Resources from an overweight rating to a neutral rating and raised their price objective for the stock from $6.90 to $10.00 in a research report on Monday, October 23rd. FBR & Co reissued a buy rating and set a $10.00 price objective on shares of Cliffs Natural Resources in a research report on Friday, October 20th. Cowen and Company set a $7.00 price objective on Cliffs Natural Resources and gave the stock a hold rating in a research report on Tuesday, October 17th. KeyCorp reissued a hold rating on shares of Cliffs Natural Resources in a research report on Tuesday, September 19th. Finally, Jefferies Group LLC reissued a buy rating on shares of Cliffs Natural Resources in a research report on Monday, September 18th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Cliffs Natural Resources has an average rating of Hold and an average target price of $8.79.
Cliffs Natural Resources (NYSE:CLF) last issued its quarterly earnings data on Friday, October 20th. The mining company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. The firm had revenue of $698.00 million during the quarter, compared to the consensus estimate of $669.25 million. Cliffs Natural Resources had a negative return on equity of 29.06% and a net margin of 5.48%. The company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the company earned ($0.11) EPS.
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In related news, Chairman Lourenco Goncalves bought 100,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were acquired at an average price of $7.19 per share, with a total value of $719,000.00. Following the completion of the acquisition, the chairman now owns 3,486,970 shares in the company, valued at approximately $25,071,314.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.46% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CLF. BlackRock Inc. grew its holdings in Cliffs Natural Resources by 23,956.0% during the first quarter. BlackRock Inc. now owns 18,554,188 shares of the mining company’s stock worth $152,330,000 after acquiring an additional 18,477,059 shares during the period. Vanguard Group Inc. grew its holdings in Cliffs Natural Resources by 53.3% during the first quarter. Vanguard Group Inc. now owns 25,642,631 shares of the mining company’s stock worth $210,526,000 after acquiring an additional 8,918,169 shares during the period. Balyasny Asset Management LLC grew its holdings in Cliffs Natural Resources by 6,863.0% during the second quarter. Balyasny Asset Management LLC now owns 2,824,243 shares of the mining company’s stock worth $19,544,000 after acquiring an additional 2,783,682 shares during the period. Dimensional Fund Advisors LP grew its holdings in Cliffs Natural Resources by 93.7% during the first quarter. Dimensional Fund Advisors LP now owns 5,241,713 shares of the mining company’s stock worth $43,034,000 after acquiring an additional 2,535,927 shares during the period. Finally, State Street Corp grew its holdings in Cliffs Natural Resources by 25.7% during the first quarter. State Street Corp now owns 10,067,676 shares of the mining company’s stock worth $82,654,000 after acquiring an additional 2,059,034 shares during the period. 58.12% of the stock is currently owned by hedge funds and other institutional investors.
About Cliffs Natural Resources
Cleveland-Cliffs Inc, formerly 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.
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