Cliffs Natural Resources Inc. (CLF) Downgraded by 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 research note 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. “

CLF has been the topic of a number of other research reports. 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 upgraded shares of Cliffs Natural Resources from a hold rating to a buy rating in a report on Thursday, July 6th. Axiom Securities restated a sell rating on shares of Cliffs Natural Resources in a report on Thursday, July 13th. TheStreet upgraded shares of Cliffs Natural Resources from a d+ rating to a c rating in a report on Monday, July 31st. Finally, FBR & Co restated a buy rating and set a $10.00 target price 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 four have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $8.79.

Cliffs Natural Resources (NYSE:CLF) opened at $6.09 on Wednesday. The company has a market cap of $1.83 billion, a P/E ratio of 6.70 and a beta of 1.58. The company has a current ratio of 1.89, a quick ratio of 1.18 and a debt-to-equity ratio of -2.03.

Cliffs Natural Resources (NYSE:CLF) last posted its quarterly earnings data on Friday, October 20th. The mining company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.06. Cliffs Natural Resources had a net margin of 5.48% and a negative return on equity of 29.06%. The business had revenue of $698.00 million for the quarter, compared to analyst estimates of $669.25 million. During the same quarter last year, the business earned ($0.11) earnings per share. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. research analysts expect that Cliffs Natural Resources will post 0.49 earnings per share for the current fiscal year.

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In other news, Chairman Lourenco Goncalves acquired 100,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average price of $7.11 per share, with a total value of $711,000.00. Following the purchase, the chairman now owns 3,586,970 shares of the company’s stock, valued at approximately $25,503,356.70. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers acquired a new position in Cliffs Natural Resources in the 2nd quarter worth approximately $1,664,000. Advisory Services Network LLC boosted its stake in Cliffs Natural Resources by 743.6% in the 2nd quarter. Advisory Services Network LLC now owns 26,887 shares of the mining company’s stock worth $186,000 after purchasing an additional 23,700 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Cliffs Natural Resources by 34.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 224,740 shares of the mining company’s stock worth $1,555,000 after purchasing an additional 57,094 shares during the period. Ameritas Investment Partners Inc. boosted its stake in Cliffs Natural Resources by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 26,167 shares of the mining company’s stock worth $181,000 after purchasing an additional 2,016 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Cliffs Natural Resources by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 231,240 shares of the mining company’s stock worth $1,600,000 after purchasing an additional 49,167 shares during the period. 58.12% of the stock is owned by hedge funds and other institutional investors.

Cliffs Natural Resources Company Profile

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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