Short Interest in Cliffs Natural Resources Inc. (NYSE:CLF) Grows By 7.4%

Cliffs Natural Resources Inc. (NYSE:CLF) was the recipient of a large growth in short interest during the month of September. As of September 29th, there was short interest totalling 36,737,683 shares, a growth of 7.4% from the September 15th total of 34,202,811 shares. Based on an average daily trading volume, of 9,263,305 shares, the short-interest ratio is presently 4.0 days. Approximately 13.2% of the company’s stock are sold short.

In other Cliffs Natural Resources news, Chairman Lourenco Goncalves purchased 100,000 shares of the stock in a transaction on Friday, September 15th. The shares were purchased at an average cost of $7.11 per share, for a total transaction of $711,000.00. Following the purchase, the chairman now owns 3,586,970 shares of the company’s stock, valued at $25,503,356.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of CLF. Nuveen Asset Management LLC increased its stake 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 in the last quarter. Comerica Bank increased its stake 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 in the last quarter. Invictus RG purchased a new position in shares of Cliffs Natural Resources in the first quarter worth about $121,000. ARP Americas LLC increased its stake in shares of Cliffs Natural Resources by 72.5% in the second quarter. ARP Americas LLC now owns 17,600 shares of the mining company’s stock worth $122,000 after purchasing an additional 7,400 shares in the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Cliffs Natural Resources by 486.8% in the second quarter. D.A. Davidson & CO. now owns 18,597 shares of the mining company’s stock worth $128,000 after purchasing an additional 15,428 shares in the last quarter. Hedge funds and other institutional investors own 58.27% of the company’s stock.

Several research analysts have recently weighed in on the stock. Clarkson Capital restated a “neutral” rating on shares of Cliffs Natural Resources in a research note on Thursday, July 27th. FBR & Co restated a “buy” rating and set a $10.00 price objective on shares of Cliffs Natural Resources in a research note on Friday, October 20th. KeyCorp restated a “hold” rating on shares of Cliffs Natural Resources in a research note on Tuesday, September 19th. Cowen and Company restated a “hold” rating on shares of Cliffs Natural Resources in a research note on Thursday, August 3rd. Finally, ValuEngine lowered shares of Cliffs Natural Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Cliffs Natural Resources currently has a consensus rating of “Hold” and a consensus price target of $8.79.

Shares of Cliffs Natural Resources (NYSE CLF) opened at 6.31 on Friday. The company has a market cap of $1.87 billion, a P/E ratio of 28.94 and a beta of 1.65. Cliffs Natural Resources has a 12-month low of $5.28 and a 12-month high of $12.37. The firm has a 50-day moving average of $7.15 and a 200-day moving average of $6.99.

Cliffs Natural Resources (NYSE:CLF) last posted its earnings results on Friday, October 20th. The mining company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.06. The firm had revenue of $698.00 million during the quarter, compared to the consensus estimate of $669.25 million. Cliffs Natural Resources had a net margin of 5.48% and a negative return on equity of 29.06%. The company’s revenue was up 26.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) earnings per share. Analysts predict that Cliffs Natural Resources will post $0.70 EPS for the current year.

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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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