Cliffs Natural Resources Inc. (CLF) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Shares of Cliffs Natural Resources Inc. (NYSE:CLF) saw an uptick in trading volume on Friday following a better than expected earnings announcement. 68,611,131 shares changed hands during trading, an increase of 335% from the previous session’s volume of 15,763,400 shares.The stock last traded at $10.96 and had previously closed at $11.37.

The mining company reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.19. The company had revenue of $754 million for the quarter, compared to analyst estimates of $662.09 million. The firm’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.39) earnings per share.

A number of research analysts have recently issued reports on the company. FBR & Co boosted their price objective on Cliffs Natural Resources to $11.00 in a research note on Friday. Axiom Securities reissued a “sell” rating on shares of Cliffs Natural Resources in a research note on Friday. Vetr raised Cliffs Natural Resources from a “sell” rating to a “hold” rating and set a $9.01 price objective on the stock in a research note on Tuesday, November 29th. Zacks Investment Research downgraded Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research note on Monday, October 17th. Finally, Credit Suisse Group AG reissued an “underperform” rating and issued a $6.00 price objective on shares of Cliffs Natural Resources in a research note on Friday, January 13th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $7.92.

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. raised its position in shares of Cliffs Natural Resources by 21.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,759,634 shares of the mining company’s stock valued at $33,694,000 after buying an additional 1,008,723 shares during the period. BlackRock Fund Advisors raised its position in shares of Cliffs Natural Resources by 35.5% in the third quarter. BlackRock Fund Advisors now owns 5,723,151 shares of the mining company’s stock valued at $33,480,000 after buying an additional 1,500,604 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Cliffs Natural Resources by 186.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 4,220,732 shares of the mining company’s stock valued at $23,932,000 after buying an additional 2,746,729 shares during the period. Neuberger Berman Group LLC raised its position in shares of Cliffs Natural Resources by 17.2% in the third quarter. Neuberger Berman Group LLC now owns 3,105,563 shares of the mining company’s stock valued at $18,168,000 after buying an additional 456,561 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Cliffs Natural Resources by 14.1% in the third quarter. California Public Employees Retirement System now owns 2,741,600 shares of the mining company’s stock valued at $16,038,000 after buying an additional 339,500 shares during the period. 57.81% of the stock is owned by institutional investors.

The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 56.89 and a beta of 1.63. The firm’s 50-day moving average is $9.10 and its 200 day moving average is $7.49.

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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.

5 Day Chart for NYSE:CLF

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