FBR & Co reaffirmed their buy rating on shares of Cliffs Natural Resources Inc. (NYSE:CLF) in a research report released on Wednesday, September 6th. The brokerage currently has a $10.00 price objective on the mining company’s stock.
“In June, Cleveland-Cliffs announced that it had selected Toledo, Ohio, as the site for its first hot briquetted iron (HBI) facility. We revisit the project economics with updated input prices and provide a sensitivity analysis considering volatile commodity markets. We are also switching our iron ore feedstock cost assumption to market prices (from Cliffs’ production costs previously). At market, we still derive an attractive pretax IRR of 24%, down slightly from ~25% previously on a comparable basis. The modest change is due to a rise in USIO prices, the largest determining factor in HBI’s cost structure. Slightly compensating for the increase in domestic iron ore prices was a gain in scrap metal prices, a signal of an improved HBI market. The scenario analysis bodes well for Cliffs, which we believe backs the company’s claim of a highly attractive growth project.”,” FBR & Co’s analyst commented.
A number of other analysts have also commented on the stock. ValuEngine lowered shares of Cliffs Natural Resources from a strong-buy rating to a buy rating in a research note on Friday, September 1st. BidaskClub lowered shares of Cliffs Natural Resources from a hold rating to a sell rating in a research note on Wednesday, August 16th. Cowen and Company reiterated a hold rating on shares of Cliffs Natural Resources in a research note on Thursday, August 3rd. TheStreet upgraded shares of Cliffs Natural Resources from a d+ rating to a c rating in a research note on Monday, July 31st. Finally, Clarkson Capital reiterated a neutral rating on shares of Cliffs Natural Resources in a research note on Thursday, July 27th. Five research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $8.31.
Cliffs Natural Resources (NYSE:CLF) opened at 7.65 on Wednesday. The stock’s 50 day moving average is $7.68 and its 200-day moving average is $7.44. The company has a market capitalization of $2.27 billion, a P/E ratio of 35.09 and a beta of 1.70. Cliffs Natural Resources has a 52-week low of $4.91 and a 52-week high of $12.37.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings results on Thursday, July 27th. The mining company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. Cliffs Natural Resources had a net margin of 2.44% and a negative return on equity of 13.83%. The firm had revenue of $569.30 million during the quarter, compared to analyst estimates of $485.93 million. During the same period in the previous year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. Analysts predict that Cliffs Natural Resources will post $0.97 EPS for the current fiscal year.
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In other news, Chairman Lourenco Goncalves purchased 100,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $7.19 per share, for a total transaction of $719,000.00. Following the completion of the transaction, the chairman now directly owns 3,486,970 shares in the company, valued at approximately $25,071,314.30. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Nuveen Asset Management LLC boosted its position in shares of Cliffs Natural Resources by 1.2% in the first quarter. Nuveen Asset Management LLC now owns 13,974 shares of the mining company’s stock worth $115,000 after purchasing an additional 164 shares during the period. Invictus RG bought a new position in shares of Cliffs Natural Resources in the first quarter worth approximately $121,000. Comerica Bank boosted its position in shares of Cliffs Natural Resources by 49.5% in the second quarter. Comerica Bank now owns 15,493 shares of the mining company’s stock worth $116,000 after purchasing an additional 5,129 shares during the period. Strs Ohio lifted its holdings in shares of Cliffs Natural Resources by 103.8% in the first quarter. Strs Ohio now owns 15,900 shares of the mining company’s stock worth $130,000 after buying an additional 8,100 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new position in shares of Cliffs Natural Resources in the first quarter worth $131,000. Institutional investors and hedge funds own 58.30% of the company’s stock.
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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