OppenheimerFunds Inc. bought a new position in Cliffs Natural Resources Inc. (NYSE:CLF) during the first quarter, Holdings Channel reports. The institutional investor bought 331,045 shares of the mining company’s stock, valued at approximately $2,718,000.
Other institutional investors have also recently modified their holdings of the company. Searle & CO. purchased a new position in shares of Cliffs Natural Resources during the fourth quarter worth approximately $1,326,000. Nationwide Fund Advisors increased its position in shares of Cliffs Natural Resources by 61.7% in the first quarter. Nationwide Fund Advisors now owns 284,773 shares of the mining company’s stock worth $2,338,000 after buying an additional 108,638 shares during the period. Trexquant Investment LP purchased a new position in shares of Cliffs Natural Resources during the first quarter worth approximately $340,000. Van ECK Associates Corp increased its position in shares of Cliffs Natural Resources by 24.6% in the first quarter. Van ECK Associates Corp now owns 516,051 shares of the mining company’s stock worth $4,237,000 after buying an additional 101,984 shares during the period. Finally, Alpha Windward LLC purchased a new position in shares of Cliffs Natural Resources during the first quarter worth approximately $341,000. 66.73% of the stock is currently owned by institutional investors.
Shares of Cliffs Natural Resources Inc. (CLF) opened at 6.62 on Monday. The firm’s 50 day moving average is $6.17 and its 200-day moving average is $8.33. The firm has a market capitalization of $1.96 billion, a PE ratio of 38.71 and a beta of 1.68. Cliffs Natural Resources Inc. has a 12 month low of $4.55 and a 12 month high of $12.37. Cliffs Natural Resources also was the target of unusually large options trading activity on Friday. Investors acquired 8,895 put options on the stock. This represents an increase of 191% compared to the typical daily volume of 3,052 put options.
Cliffs Natural Resources (NYSE:CLF) last announced its quarterly earnings data on Thursday, April 27th. The mining company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.27. The company had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $412.71 million. Cliffs Natural Resources had a negative return on equity of 5.79% and a net margin of 1.68%. The company’s revenue was up 51.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. On average, analysts expect that Cliffs Natural Resources Inc. will post $0.96 EPS for the current fiscal year.
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CLF has been the topic of a number of analyst reports. Axiom Securities reaffirmed a “sell” rating on shares of Cliffs Natural Resources in a research note on Thursday, March 16th. FBR & Co raised shares of Cliffs Natural Resources from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Friday, April 28th. J P Morgan Chase & Co lifted their target price on shares of Cliffs Natural Resources from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, March 27th. Zacks Investment Research downgraded shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Finally, ValuEngine downgraded shares of Cliffs Natural Resources from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $8.69.
In related news, Director John T. Baldwin acquired 6,000 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were acquired at an average cost of $6.32 per share, for a total transaction of $37,920.00. Following the acquisition, the director now directly owns 87,991 shares in the company, valued at approximately $556,103.12. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Lourenco Goncalves acquired 200,000 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were bought at an average price of $6.31 per share, for a total transaction of $1,262,000.00. Following the completion of the acquisition, the chairman now owns 2,855,296 shares in the company, valued at $18,016,917.76. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 215,250 shares of company stock worth $1,361,283. Insiders own 0.46% of the company’s stock.
Cliffs Natural Resources Company Profile
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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