Short Interest in Cliffs Natural Resources Inc. (CLF) Increases By 12.2%
Cliffs Natural Resources Inc. (NYSE:CLF) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 43,840,544 shares, an increase of 12.2% from the October 31st total of 39,058,148 shares. Based on an average daily trading volume, of 9,703,556 shares, the days-to-cover ratio is currently 4.5 days. Currently, 15.7% of the company’s shares are short sold.
Shares of Cliffs Natural Resources (NYSE:CLF) opened at $6.82 on Friday. The company has a current ratio of 1.89, a quick ratio of 1.18 and a debt-to-equity ratio of -2.03. The company has a market cap of $1,974.76, a P/E ratio of 7.24 and a beta of 1.59. Cliffs Natural Resources has a fifty-two week low of $5.56 and a fifty-two week high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings results on Friday, October 20th. The mining company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.30 by $0.06. The business had revenue of $698.00 million during the quarter, compared to analysts’ expectations of $669.25 million. Cliffs Natural Resources had a net margin of 5.48% and a negative return on equity of 29.06%. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period last year, the company posted ($0.11) earnings per share. analysts anticipate that Cliffs Natural Resources will post 0.49 EPS for the current year.
In other news, Chairman Lourenco Goncalves bought 100,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was bought at an average cost of $7.11 per share, for a total transaction of $711,000.00. Following the completion of the acquisition, the chairman now directly owns 3,586,970 shares in the company, valued at approximately $25,503,356.70. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.46% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Cliffs Natural Resources by 24.7% in the second quarter. Vanguard Group Inc. now owns 31,963,836 shares of the mining company’s stock valued at $221,190,000 after acquiring an additional 6,321,205 shares during the last quarter. Balyasny Asset Management LLC lifted its stake in Cliffs Natural Resources by 6,863.0% in the second quarter. Balyasny Asset Management LLC now owns 2,824,243 shares of the mining company’s stock valued at $19,544,000 after acquiring an additional 2,783,682 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Cliffs Natural Resources by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 6,297,769 shares of the mining company’s stock valued at $43,581,000 after acquiring an additional 1,056,056 shares during the last quarter. Northern Trust Corp lifted its stake in Cliffs Natural Resources by 16.8% in the second quarter. Northern Trust Corp now owns 4,977,719 shares of the mining company’s stock valued at $34,446,000 after acquiring an additional 717,021 shares during the last quarter. Finally, State Street Corp lifted its stake in Cliffs Natural Resources by 6.5% in the second quarter. State Street Corp now owns 10,720,937 shares of the mining company’s stock valued at $74,189,000 after acquiring an additional 653,261 shares during the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.
Several brokerages have commented on CLF. KeyCorp reiterated a “hold” rating on shares of Cliffs Natural Resources in a report on Friday, November 24th. B. Riley set a $10.00 price target on shares of Cliffs Natural Resources and gave the stock a “buy” rating in a report on Friday, November 17th. Zacks Investment Research cut shares of Cliffs Natural Resources from a “hold” rating to a “sell” rating in a report on Wednesday, November 1st. J P Morgan Chase & Co cut shares of Cliffs Natural Resources from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $6.90 to $10.00 in a report on Monday, October 23rd. Finally, FBR & Co restated a “buy” rating and set a $10.00 price target on shares of Cliffs Natural Resources in a report on Friday, October 20th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Cliffs Natural Resources has a consensus rating of “Hold” and an average price target of $8.97.
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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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