Showing posts with label Cliffs Natural Resources. Show all posts
Showing posts with label Cliffs Natural Resources. Show all posts
Friday, October 26, 2012
Agnico (AEM) (SMS) (BEN) (CLF) (LUN) (NS) Ratings Adjustments
Agnico-Eagle Mines Limited (AEM), Sims Metal Management Ltd (SMS), Franklin Resources, Inc. (BEN), Cliffs Natural Resources Inc (CLF), Lundin Mining Co. (LUN) and NuStar Energy L.P. (NS) had ratings on them adjusted by analysts.
DA Davidson upgraded Sims Metal Management Ltd (SMS) ) from a "Neutral" rating to a "Buy" rating.
Mackie downgraded Agnico-Eagle Mines Limited (AEM) from a "Buy" rating to a "Hold" rating.
Morgan Stanley (MS) downgraded Franklin Resources, Inc. (BEN) to an "Equal Weight" rating. They have a price target of $146.00 on the company.
Dahlman Rose downgraded Cliffs Natural Resources Inc. (CLF) from a "Buy" rating to a "Hold" rating.
Scotia Capital downgraded Lundin Mining Co. (LUN) from an "Outperform" rating to a "Sector Perform" rating. They have a price target of $7.00 on the company.
Credit Suisse downgraded NuStar Energy L.P. (NS) from an "Outperform" rating to an "Underperform" rating. They have a price target of $44.00 on the company.
Friday, July 27, 2012
Barrick (ABX) (XOM) (CNX) (CWEI) (LINE) (WLT) (WY) (PAAS) (CLF) Analyst Coverage
Here's an update on analysts covering commodity companies Barrick Gold (ABX), Exxon Mobil (XOM), CONSOL Energy Inc. (CNX), Clayton Williams Energy (CWEI), Linn Energy, LLC (LINE), Cliffs Natural Resources (CLF), Walter Energy (WLT), Weyerhaeuser (WY)and Pan American Silver Corp. (PAAS).
Macquarie downgraded Barrick Gold (ABX) from an "Outperform" rating to a "Neutral" rating.
BB&T (BBT) downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Hold" rating.
Global Hunter Securities downgraded Clayton Williams Energy Inc (CWEI) from an "Accumulate" rating to a "Neutral" rating. They lowered their price target from $93.00 to $50.00 on the company.
Credit Suisse downgraded Linn Energy, LLC (LINE) from an "Outperform" rating to a "Neutral" rating.
Johnson Rice downgraded Walter Energy (WLT) from an "Overweight" rating to an "Equal Weight" rating.
Buckingham Research downgraded Weyerhaeuser (WY) from a "Buy" rating to a "Neutral" rating.
UBS AG (UBS) downgraded Exxon Mobil (XOM) from a "Buy" rating to a "Neutral" rating.
Credit Suisse (CS) upgraded Cliffs Natural Resources (CLF) from an "Underperform" rating to a "Neutral" rating.
RBC Capital initiated coverage on Pan American Silver Corp. (PAAS). They placed a "Sector Perform" rating on the company.
Macquarie downgraded Barrick Gold (ABX) from an "Outperform" rating to a "Neutral" rating.
BB&T (BBT) downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Hold" rating.
Global Hunter Securities downgraded Clayton Williams Energy Inc (CWEI) from an "Accumulate" rating to a "Neutral" rating. They lowered their price target from $93.00 to $50.00 on the company.
Credit Suisse downgraded Linn Energy, LLC (LINE) from an "Outperform" rating to a "Neutral" rating.
Johnson Rice downgraded Walter Energy (WLT) from an "Overweight" rating to an "Equal Weight" rating.
Buckingham Research downgraded Weyerhaeuser (WY) from a "Buy" rating to a "Neutral" rating.
UBS AG (UBS) downgraded Exxon Mobil (XOM) from a "Buy" rating to a "Neutral" rating.
Credit Suisse (CS) upgraded Cliffs Natural Resources (CLF) from an "Underperform" rating to a "Neutral" rating.
RBC Capital initiated coverage on Pan American Silver Corp. (PAAS). They placed a "Sector Perform" rating on the company.
Friday, March 9, 2012
Cliffs (CLF) (STO) (CLD) (WCRX) (WSM) (CI) (VQ) Ratings, Price Targets
Cliffs Natural Resources (CLF), Statoil (STO), Cloud Peak Energy (CLD), Warner Chilcott (WCRX), Williams Sonoma (WSM), CIGNA Co. (CI) and Venoco, Inc. (VQ) had ratings and price targets on them adjusted by analysts.
Macquarie upgraded Cliffs Natural Resources (CLF) from a "Neutral" rating to a "Outperform" rating.
Goldman Sachs downgraded Statoil (STO) from a "Neutral" rating to a "Sell" rating.
BMO CapitalMarkets upgraded Cloud Peak Energy (CLD) from a "Market Perform" rating to a "Outperform" rating.
Goldman Sachs downgraded Warner Chilcott (WCRX) from a "Buy" rating to a "Neutral" rating.
Wells Fargo & Co. downgraded Williams Sonoma (WSM) from an "Outperform" rating to a "Market Perform" rating.
Susquehanna upgraded CIGNA Co. (CI) from a "Neutral" rating to a "Positive" rating.
Global Hunter Securities downgraded Venoco, Inc. (VQ) from an "Accumulate" rating to a "Neutral" rating. They have a price target of $12.50 on the company.
Macquarie upgraded Cliffs Natural Resources (CLF) from a "Neutral" rating to a "Outperform" rating.
Goldman Sachs downgraded Statoil (STO) from a "Neutral" rating to a "Sell" rating.
BMO CapitalMarkets upgraded Cloud Peak Energy (CLD) from a "Market Perform" rating to a "Outperform" rating.
Goldman Sachs downgraded Warner Chilcott (WCRX) from a "Buy" rating to a "Neutral" rating.
Wells Fargo & Co. downgraded Williams Sonoma (WSM) from an "Outperform" rating to a "Market Perform" rating.
Susquehanna upgraded CIGNA Co. (CI) from a "Neutral" rating to a "Positive" rating.
Global Hunter Securities downgraded Venoco, Inc. (VQ) from an "Accumulate" rating to a "Neutral" rating. They have a price target of $12.50 on the company.
Tuesday, February 21, 2012
Cliffs (CLF) (AEA) (GBCI) (LEN) (SLF) (ABB) Ratings, Price Targets
Cliffs Natural Resources (CLF), Cash Advance Centers (AEA), Glacier Bancorp, Inc. (GBCI), Lennar Co. (LEN), Sun Life Financial Inc. (SLF) and ABB Ltd (ABB) had ratings and price targets on them adjusted by analysts.
Goldman Sachs downgraded Cliffs Natural Resources (CLF) to a "Buy" rating.
Stephens downgraded Advance America, Cash Advance Centers (AEA) from an "Overweight" rating to an "Equal Weight" rating.
DA Davidson downgraded Glacier Bancorp, Inc. (GBCI) from a "Buy" rating to a "Neutral" rating.
MKM Partners downgraded Lennar Co. (LEN) from a "Buy" rating to a "Neutral" rating.
Desjardins downgraded Sun Life Financial Inc. (SLF) from a "Buy" rating to a "Hold" rating.
ING Group downgraded ABB Ltd (ABB) from a "Buy" rating to a "Hold" rating.
Goldman Sachs downgraded Cliffs Natural Resources (CLF) to a "Buy" rating.
Stephens downgraded Advance America, Cash Advance Centers (AEA) from an "Overweight" rating to an "Equal Weight" rating.
DA Davidson downgraded Glacier Bancorp, Inc. (GBCI) from a "Buy" rating to a "Neutral" rating.
MKM Partners downgraded Lennar Co. (LEN) from a "Buy" rating to a "Neutral" rating.
Desjardins downgraded Sun Life Financial Inc. (SLF) from a "Buy" rating to a "Hold" rating.
ING Group downgraded ABB Ltd (ABB) from a "Buy" rating to a "Hold" rating.
Tuesday, January 31, 2012
Chevron (CVX) (LPI) (CLF) (GSM) (MUSA) (OAS) Ratings, Price Targets
Chevron (NYSE: CVX), Laredo Petroleum Holdings (NYSE: LPI), Cliffs Natural Resources (NYSE: CLF), Globe Specialty Metals, Inc. (NYSE: GSM), Metals Holdings (NASDAQ: MUSA) and Oasis Petroleum Inc. (NYSE: OAS) ratings and price targets.
Jefferies Group (NYSE:JEF) reiterated its "Buy" rating on Chevron (CVX). They have a price target of $125.00 on the company.
Tudor Pickering initiated coverage on Laredo Petroleum Holdings (LPI). They placed an “Accumulate” rating on the company.
Cliffs Natural Resources (CLF) had its price target lowered by Longbow Research from $112.00 to $84.00. They have a “Buy” rating on the company.
Globe Specialty Metals, Inc. (GSM) had its price target lowered by Oppenheimer (NYSE:OPY) from $22.00 to $20.00. They have an “Outperform” rating on the company.
Metals Holdings (MUSA) had its price target raised by Dahlman Rose from $18.00 to $20.00. They have a “Buy” rating on the company.
Oasis Petroleum Inc. (OAS) was downgraded by SunTrust (NYSE:STI) from a “Buy” rating to a “Neutral” rating.
Jefferies Group (NYSE:JEF) reiterated its "Buy" rating on Chevron (CVX). They have a price target of $125.00 on the company.
Tudor Pickering initiated coverage on Laredo Petroleum Holdings (LPI). They placed an “Accumulate” rating on the company.
Cliffs Natural Resources (CLF) had its price target lowered by Longbow Research from $112.00 to $84.00. They have a “Buy” rating on the company.
Globe Specialty Metals, Inc. (GSM) had its price target lowered by Oppenheimer (NYSE:OPY) from $22.00 to $20.00. They have an “Outperform” rating on the company.
Metals Holdings (MUSA) had its price target raised by Dahlman Rose from $18.00 to $20.00. They have a “Buy” rating on the company.
Oasis Petroleum Inc. (OAS) was downgraded by SunTrust (NYSE:STI) from a “Buy” rating to a “Neutral” rating.
Monday, January 9, 2012
Apache (APA) (MON) (BG) (CLF) (UNS) (END) (MOS) Ratings, Price Targets
Apache (NYSE: APA), Monsanto Co. (NYSE: MON), Bunge Limited (NYSE: BG), Cliffs Natural Resources Inc. (NYSE: CLF), Unisource Energy (NYSE: UNS), Endeavour International Co. (NYSE: END) and The Mosaic Company (NYSE: MOS) ratings and price targets.
Apache (APA) had its price target lowered by Oppenheimer (NYSE:OPY) to $120.00.
Monsanto Co. (MON) had its “Hold” rating reiterated by Jefferies Group (NYSE:JEF).
Bunge Limited (BG) is now covered by Piper Jaffray (NYSE:PJC). They have a “Neutral” rating and a price target of $63.00 on the company.
Cliffs Natural Resources Inc. (CLF) is now covered by RBC Capital. They have an “Outperform” rating and a price target of $87.00 on the company.
Unisource Energy (UNS) is now covered by Jefferies Group. They placed a “Hold” rating and a price target of $38.00 on the company.
Endeavour International Co. (END) had its price target lowered by C.K. Cooper from $14.00 to $12.00. They have a “Buy” rating on the company.
The Mosaic Company (MOS) had its price target lowered by Ticonderoga from $74.00 to $70.00. They have a “Buy” rating on the company.
Apache (APA) had its price target lowered by Oppenheimer (NYSE:OPY) to $120.00.
Monsanto Co. (MON) had its “Hold” rating reiterated by Jefferies Group (NYSE:JEF).
Bunge Limited (BG) is now covered by Piper Jaffray (NYSE:PJC). They have a “Neutral” rating and a price target of $63.00 on the company.
Cliffs Natural Resources Inc. (CLF) is now covered by RBC Capital. They have an “Outperform” rating and a price target of $87.00 on the company.
Unisource Energy (UNS) is now covered by Jefferies Group. They placed a “Hold” rating and a price target of $38.00 on the company.
Endeavour International Co. (END) had its price target lowered by C.K. Cooper from $14.00 to $12.00. They have a “Buy” rating on the company.
The Mosaic Company (MOS) had its price target lowered by Ticonderoga from $74.00 to $70.00. They have a “Buy” rating on the company.
Thursday, June 2, 2011
Cliffs (CLF) Retains "Buy" Rating from Dahlman Rose
Cliffs Natural Resources Inc (NYSE: CLF) had its "Buy" rating maintained on it by Dahlman Rose even though they lowered their earnings estimates on the company.
Dahlman Rose wrote in a note to clients, "Despite our lower earnings estimates we continue to see compelling value in the shares. We believe the company's move to gain further diversification into the seaborne iron ore market may warrant the shares trading at a higher multiple over time. In fact, given the more balanced revenue generating capability that the company now has with more exposure to emerging markets, we believe that we are being extremely conservative in applying a 5.0x EV/EBITDA multiple to our 2012 EBITDA estimate of $4.1 billion to derive our price target of $120, as the shares have historically traded at 7x forward EBITDA. We reiterate our Buy rating on Cliffs Natural Resources shares."
Cliffs was trading at $88.85, gaining $0.94, or 1.07 percent, as of 2:15 PM EDT.
Dahlman Rose wrote in a note to clients, "Despite our lower earnings estimates we continue to see compelling value in the shares. We believe the company's move to gain further diversification into the seaborne iron ore market may warrant the shares trading at a higher multiple over time. In fact, given the more balanced revenue generating capability that the company now has with more exposure to emerging markets, we believe that we are being extremely conservative in applying a 5.0x EV/EBITDA multiple to our 2012 EBITDA estimate of $4.1 billion to derive our price target of $120, as the shares have historically traded at 7x forward EBITDA. We reiterate our Buy rating on Cliffs Natural Resources shares."
Cliffs was trading at $88.85, gaining $0.94, or 1.07 percent, as of 2:15 PM EDT.
Friday, November 5, 2010
Cliffs Natural Resources (NYSE:CLF), BHP (NYSE:BHP), Rio Tinto (NYSE:RTP), Vale (NYSE:VALE) Move Up as Commodity Prices Surge
The expected positive disruption in the commodity sector has happened in a big way after the announcement by the Federal Reserve that they were going to resume inflating, and natural resource companies like Cliffs Natural Resources (NYSE:CLF), BHP Billiton (NYSE:BHP), Rio Tinto (NYSE:RTP), Vale SA (NYSE:VALE) all soared with the inevitable plunge in value of the U.S. dollar accompanying the quantitative easing.
Gold prices are soaring to new highs, as spot gold approached $1,400 an ounce at the end of closing on Thursday. Aluminum prices also reached levels not seen since April.
BHP closed Thursday at $91.20, gaining $5.12, or 5.95 percent. Cliffs ended the session at an even $70, rising $3.13, or 4.68 percent. Rio Tinto surged to close in New York at $70.52, increasing by $3.74, or 5.60 percent. Vale SA ended the day at $33.80, rising by $1.34, or 4.13 percent.
The overall commodity sector exploded Thursday as what appears to be pent-up expectation and anticipation concerning the Fed move poured out through investors putting their money into the commodity sector in a big way.
Gold prices are soaring to new highs, as spot gold approached $1,400 an ounce at the end of closing on Thursday. Aluminum prices also reached levels not seen since April.
BHP closed Thursday at $91.20, gaining $5.12, or 5.95 percent. Cliffs ended the session at an even $70, rising $3.13, or 4.68 percent. Rio Tinto surged to close in New York at $70.52, increasing by $3.74, or 5.60 percent. Vale SA ended the day at $33.80, rising by $1.34, or 4.13 percent.
The overall commodity sector exploded Thursday as what appears to be pent-up expectation and anticipation concerning the Fed move poured out through investors putting their money into the commodity sector in a big way.
Friday, October 29, 2010
Citigroup (NYSE:C) Sees Cliffs' (NYSE:CLF) ArcelorMittal (NYSE:MT) Negotiations as No Risk to Earnings
Citigroup Inc. (NYSE:C) commented on Cliffs Natural Resources Inc.'s (NYSE:CLF) earnings today, targeting specifically the ongoing negotiations with ArcelorMittal (NYSE:MT).
Citigroup's Brian Yu wrote in a note that Citi sees negotiations between the companies "as a timing issue rather than an earnings risk."
Cliffs significantly missed on their third quarter operating earnings per share, which came in at $2.08, far below the $2.70 Citigroup was looking for. Earnings in general were reported at $2.18 a share.
Cliffs was trading at $64.24, up $0.87, or 1.37 percent as of 1:00 PM EDT.
Citigroup's Brian Yu wrote in a note that Citi sees negotiations between the companies "as a timing issue rather than an earnings risk."
Cliffs significantly missed on their third quarter operating earnings per share, which came in at $2.08, far below the $2.70 Citigroup was looking for. Earnings in general were reported at $2.18 a share.
Cliffs was trading at $64.24, up $0.87, or 1.37 percent as of 1:00 PM EDT.
Tuesday, October 19, 2010
Cliffs' (NYSE:CLF) Empire Mine May Extend Past 2014
In a visit with Cliffs Natural Resources' management recently, FBR Capital said, among other things, that the life of the Empire mine may be extended past 2014.
FBR said, "Last week we visited Cliffs Natural Resources' management and came up with the impression that (a) management remains committed to its met coal business; (b) North American iron ore pricing should be finalized in 4Q10 and not in 3Q10; (c) about 80% of Asia Pacific iron ore business has now moved to spot-based pricing from quarterly contracts; and (d) there is a possibility of extending the mine life at Empire mine beyond the current 2014 planned closure."
FBR also raised its earnings per share estimates for the full year 2010, while lowering EPS for the third quarter of 2010.
"This morning we are increasing our 2010 EPS/EBITDA estimates to $7.40/$1,805 million from $7.08/$1,725 million, but are lowering our 3Q10 EPS/EBITDA estimates to $2.47/$572 million from $2.73/$619 million, primarily to reflect the delay in finalizing North American iron ore prices and about 9% higher 4Q10 iron ore prices in Asia Pacific, where about 80% of sales are now spot based and 20% quarterly contract based," said FBR.
Cliffs closed Monday at $66.17, dropping $1.37, or 2.03 percent. FBR has a price target of $81 on them.
FBR said, "Last week we visited Cliffs Natural Resources' management and came up with the impression that (a) management remains committed to its met coal business; (b) North American iron ore pricing should be finalized in 4Q10 and not in 3Q10; (c) about 80% of Asia Pacific iron ore business has now moved to spot-based pricing from quarterly contracts; and (d) there is a possibility of extending the mine life at Empire mine beyond the current 2014 planned closure."
FBR also raised its earnings per share estimates for the full year 2010, while lowering EPS for the third quarter of 2010.
"This morning we are increasing our 2010 EPS/EBITDA estimates to $7.40/$1,805 million from $7.08/$1,725 million, but are lowering our 3Q10 EPS/EBITDA estimates to $2.47/$572 million from $2.73/$619 million, primarily to reflect the delay in finalizing North American iron ore prices and about 9% higher 4Q10 iron ore prices in Asia Pacific, where about 80% of sales are now spot based and 20% quarterly contract based," said FBR.
Cliffs closed Monday at $66.17, dropping $1.37, or 2.03 percent. FBR has a price target of $81 on them.
Tuesday, October 5, 2010
Citigroup (NYSE:C) Maintains "Buy" on Cliffs Natural Resources (NYSE:CLF)
Saying Cliffs Natural Resources (NYSE:CLF) isn't getting a lot of credit for a potential turnaround in 2011, Citigroup (NYSE:CLF) visited the management recently and came away believing Cliffs still deserve the "Buy" recommendation the financial institution has on them.
CLF trades at a low 8.2x 2010E EPS which reflects little earnings contribution from troubled net assets and suggests investors give little credit for a possible 2011 turnaround. Management was confidant CLF would lift PinnOak run-rate production by 2 million tons in 4Q11 and bring cash costs down to $80/ton by investing in a new longwall, upgraded prep plant, and new shaft.
Citi said management maintains their 27 million ton North American volume guidance even though there is a low-70s utilization for the American steel industry in general.
The difference between the two offer an opportunity in exports for CLF's 5 million ton Wabush mine and materially higher operating rates for blast furnaces vs electric arc furnaces.
In China the cutback of steel hasn't affected the mid-sized customers of Cliffs.
CLF trades at a low 8.2x 2010E EPS which reflects little earnings contribution from troubled net assets and suggests investors give little credit for a possible 2011 turnaround. Management was confidant CLF would lift PinnOak run-rate production by 2 million tons in 4Q11 and bring cash costs down to $80/ton by investing in a new longwall, upgraded prep plant, and new shaft.
Citi said management maintains their 27 million ton North American volume guidance even though there is a low-70s utilization for the American steel industry in general.
The difference between the two offer an opportunity in exports for CLF's 5 million ton Wabush mine and materially higher operating rates for blast furnaces vs electric arc furnaces.
In China the cutback of steel hasn't affected the mid-sized customers of Cliffs.
Wednesday, September 15, 2010
FBR (Nasdaq:FBCM) Maintains "Outperform" on Cliffs (NYSE:CLF)
FBR Capital (Nasdaq:FBCM) reiterated its "Outperform" on Cliffs Natural Resources (NYSE:CLF).
Recognizing coal production in America will decline for Cliffs, and the production costs will rise, FBR did lower its earnings per share estimates.
"We are lowering our 2010 EPS/EBITDA estimates on CLF to $7.08/$1,725M, from $7.52/$1,808M, primarily to reflect the company's reduced North American coal guidance, with lower volumes (by 0.6 MTs), lower realized pricing, and higher costs. The revised guidance is not comparable to previously announced guidance for pricing and costs as the company is now including the effect of the INR Energy acquisition. We are leaving our 2011 estimates largely unchanged for now," said FBR.
FBR has a price target of $81 on Cliffs.
Cliffs closed Tuesday at $63.18 a share, down $4.37, or 6.47 percent.
Recognizing coal production in America will decline for Cliffs, and the production costs will rise, FBR did lower its earnings per share estimates.
"We are lowering our 2010 EPS/EBITDA estimates on CLF to $7.08/$1,725M, from $7.52/$1,808M, primarily to reflect the company's reduced North American coal guidance, with lower volumes (by 0.6 MTs), lower realized pricing, and higher costs. The revised guidance is not comparable to previously announced guidance for pricing and costs as the company is now including the effect of the INR Energy acquisition. We are leaving our 2011 estimates largely unchanged for now," said FBR.
FBR has a price target of $81 on Cliffs.
Cliffs closed Tuesday at $63.18 a share, down $4.37, or 6.47 percent.
Wednesday, September 8, 2010
US Steel (NYSE:X), AK Steel, (NYSE:AKS), Cliffs (NYSE:CLF) Nucor (NYSE:NUE) Rise on Pricing, Infrastructure
US Steel (NYSE:X), AK Steel Holding Corporation (NYSE:AKS), Cliffs Natural Resources Inc (NYSE:CLF) and Nucor (NYSE:NUE) are all up today on news from Arcelor Mittal (NYSE:MT) they're going to raise prices, and the possibility of getting more business from an infrastructure initiative from the White House.
Another factor was the announced shuttering of steel plants in China for a couple of weeks in order to deal with the glut of steel in the market at this time. That could give more pricing power to the steel companies.
Finally, the PMI report from China showed they were growing at a better rate than thought, and that suggests better commodity demand, including steel.
China has hinted of moving their infrastructure projects to rural areas instead of urban areas, as the property markets in urban areas are in danger of a bubble.
The one element that has proven legs in all of this is pricing power, which most steel companies will probably engage in in response to Arcelor Mittal. The rest is highly speculative and unproven, although a possibility.
Another factor was the announced shuttering of steel plants in China for a couple of weeks in order to deal with the glut of steel in the market at this time. That could give more pricing power to the steel companies.
Finally, the PMI report from China showed they were growing at a better rate than thought, and that suggests better commodity demand, including steel.
China has hinted of moving their infrastructure projects to rural areas instead of urban areas, as the property markets in urban areas are in danger of a bubble.
The one element that has proven legs in all of this is pricing power, which most steel companies will probably engage in in response to Arcelor Mittal. The rest is highly speculative and unproven, although a possibility.
Thursday, September 2, 2010
Cliffs (NYSE:CLF) Hires Former Alcoa (NYSE:AA), ArcelorMittal (NYSE:MT), Exec
Cliffs Natural Resources Inc. (NYSE:CLF) announced they've hired James R. Michaud, who formerly worked at ArcelorMittal (NYSE:MT) and Alcoa Inc (NYSE:AA).
Michaud will step into the position of Vice President, Human Resources, at Cliffs.
At ArcelorMittal, Michaud was vice president human resources/labor relations - Americas, while at Alcoa he served in a variety of executive human resources and labor relations positions.
Michaud will start at Cliffs on September 7, 2010, reporting to executive vice president-finance and administration and chief financial officer, Laurie Brlas.
For the last year and a half, Michaud had worked as a partner at Laurus Strategies.
Michaud will step into the position of Vice President, Human Resources, at Cliffs.
At ArcelorMittal, Michaud was vice president human resources/labor relations - Americas, while at Alcoa he served in a variety of executive human resources and labor relations positions.
Michaud will start at Cliffs on September 7, 2010, reporting to executive vice president-finance and administration and chief financial officer, Laurie Brlas.
For the last year and a half, Michaud had worked as a partner at Laurus Strategies.
Tuesday, August 31, 2010
Citigroup (NYSE:C) Maintains "Buy" on Cliffs Natural Resources (NYSE:CLF)
Citigroup (NYSE:C) reiterated a "Buy" on Cliffs Natural Resources (NYSE:CLF), while raising the earnings estimates of the company for 2010 and 2011.
Citigroup analyst Brian Yu said, "CLF continues to trade at a heavily discounted multiple of 5.9x on our 2011 estimate due to iron ore volatility, contracts in arbitration, and recent acquisitions. We see value and opportunity in the potential unwinding of compressed multiples."
Earning were raised because iron ore prices are expected to rise over the next couple of years.
Earnings per share for 2010 are $8.60 a share, while for 2011 they are estimated at $10.15 a share by Citigroup.
The financial institution also maintained its price target of $87 on Cliffs.
Cliffs was at $59.03 a share, dropping $1.19, or 1.98 percent.
Citigroup analyst Brian Yu said, "CLF continues to trade at a heavily discounted multiple of 5.9x on our 2011 estimate due to iron ore volatility, contracts in arbitration, and recent acquisitions. We see value and opportunity in the potential unwinding of compressed multiples."
Earning were raised because iron ore prices are expected to rise over the next couple of years.
Earnings per share for 2010 are $8.60 a share, while for 2011 they are estimated at $10.15 a share by Citigroup.
The financial institution also maintained its price target of $87 on Cliffs.
Cliffs was at $59.03 a share, dropping $1.19, or 1.98 percent.
Friday, August 13, 2010
Capital Growth Sells Stakes in Teck Resources (NYSE:TCK), Freeport (NYSE:FCX) and Cliff Natural Resources (NYSE:CLF)
Capital Growth Management LP, the fund ran by Kenneth Heebner, revealed in a regulatory filing it had divested of its assets in major miners Teck Resources (NYSE:TCK), Freeport-McMoran Copper & Gold Inc. (NYSE:FCX), and Cliff Natural Resources (NYSE:CLF) in the last quarter.
They also sold holdings in bankers Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS). He added Citigroup Inc. (NYSE:C) and PNC Financial Services Group Inc. (NYSE:PNC) to the fund, not forsaking the sector, but specific companies within the sector.
Concerns over the slowing economy was the primary factor in selling the commodity assets, as data continue to show the economy is extremely weak, and there's nothing in the near term to suggest it'll turn around anytime soon.
The filing is the required Form 13F which must be submitted by funds with over $100 million of equities.
They also sold holdings in bankers Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS). He added Citigroup Inc. (NYSE:C) and PNC Financial Services Group Inc. (NYSE:PNC) to the fund, not forsaking the sector, but specific companies within the sector.
Concerns over the slowing economy was the primary factor in selling the commodity assets, as data continue to show the economy is extremely weak, and there's nothing in the near term to suggest it'll turn around anytime soon.
The filing is the required Form 13F which must be submitted by funds with over $100 million of equities.
Friday, July 30, 2010
Citigroup (NYSE:C) Maintains "Buy" Rating on Cliffs Natural Resources (NYSE:CLF)
Citigroup (NYSE:C) kept its "Buy" rating on Cliffs Natural Resources (NYSE:CLF), with a price target of $87 a share.
Even though they missed their earnings numbers in the last quarter, Cliffs
still generated earnings five times what they were last year in the second quarter, garnering $260.7 million, or $1.92 a share. Analysts were looking for $2.02 a share.
Still, iron ore prices are the key for the performance of Cliffs, and even if the economy slows down, steel should still be in demand a decent levels, which bodes well for the company.
Uncertainty about China, Europe and the United States makes this a difficult call, but Citigroup evidently believes Cliffs will perform well in the near term, and has called it that way.
Even though they missed their earnings numbers in the last quarter, Cliffs
still generated earnings five times what they were last year in the second quarter, garnering $260.7 million, or $1.92 a share. Analysts were looking for $2.02 a share.
Still, iron ore prices are the key for the performance of Cliffs, and even if the economy slows down, steel should still be in demand a decent levels, which bodes well for the company.
Uncertainty about China, Europe and the United States makes this a difficult call, but Citigroup evidently believes Cliffs will perform well in the near term, and has called it that way.
Thursday, July 29, 2010
Cliffs Natural Resources (NYSE:CLF) Earnings Up Fivefold
Cliffs Natural Resources Inc (NYSE:CLF) reported earnings for the second quarter surged by over five times what they were the year before in the same quarter, based on strong iron ore demand and higher prices.
Profits in the quarter increased to $260.7 million, or $1.92 a share, up from $45.5 million last year, or 36 cents a share. It was still below the $2.02 a share analysts had been looking for.
The earnings also had the benefit of iron ore prices rising to their peak level over the last 12 months during the quarter, making you wonder what lies ahead in what appears to be more economic slowdown in the steel sector.
Second quarter commodity prices were solid in general, and has helped many raw materials companies look good.
Now the obvious question is where do they go from here, as the global economy looks somewhat feeble at best.
Even in a slower economy though, iron ore demand should remain fairly strong, at least in the short term, and that could bode well for Cliffs Natural Resources and other iron ore producers.
Profits in the quarter increased to $260.7 million, or $1.92 a share, up from $45.5 million last year, or 36 cents a share. It was still below the $2.02 a share analysts had been looking for.
The earnings also had the benefit of iron ore prices rising to their peak level over the last 12 months during the quarter, making you wonder what lies ahead in what appears to be more economic slowdown in the steel sector.
Second quarter commodity prices were solid in general, and has helped many raw materials companies look good.
Now the obvious question is where do they go from here, as the global economy looks somewhat feeble at best.
Even in a slower economy though, iron ore demand should remain fairly strong, at least in the short term, and that could bode well for Cliffs Natural Resources and other iron ore producers.
Tuesday, July 13, 2010
Cliffs Natural Resources (NYSE:CLF) Declares Quarterly Dividend
The Board of Directors of Cliffs Natural Resources Inc. (NYSE:CLF) declared a quarterly dividend today of $0.14 a share, or $0.56 on an annual basis.
Shareholders of record on the close of business on August 13, 2010 will qualify for the dividend, which will be payable on September 13, 2010.
The cash dividend will be on the common shares of the company, and will have a yield of 1.1 percent.
Shareholders of record on the close of business on August 13, 2010 will qualify for the dividend, which will be payable on September 13, 2010.
The cash dividend will be on the common shares of the company, and will have a yield of 1.1 percent.
Tuesday, May 25, 2010
Cliffs (NYSE:CLF), Alpha Natural Resources (NYSE:ANR), Peabody Energy (NYSE:BTU) and Freeport (NYSE:FCX) Top Bank of America (NYSE:BAC) Picks
Natural resource stocks enjoyed some renewed attention today, and overall the news was good, as a couple of them were upgraded, and some were among the top picks of stocks going forward, specifically Cliffs (NYSE:CLF), Alpha Natural Resources (NYSE:ANR), Peabody Energy (NYSE:BTU) and Freeport (NYSE:FCX) from Bank of America (NYSE:BAC), which along with Citigroup (NYSE:C) upgraded AK Steel (NYSE:AKS), and Bank of America also upgraded RTI International Metals (NYSE:RTI).
Metal stocks were particularly strong today, based on the conclusion they've been vastly over-corrected, which means they're cheap and have a lot of upside, even in the uncertain market and unknown demand factors, which have been skewed by the European sovereign debt crisis, as well as the inflation challenges faced in China, which could result in lower demand for a number of raw materials than previously expected.
Metal stocks were particularly strong today, based on the conclusion they've been vastly over-corrected, which means they're cheap and have a lot of upside, even in the uncertain market and unknown demand factors, which have been skewed by the European sovereign debt crisis, as well as the inflation challenges faced in China, which could result in lower demand for a number of raw materials than previously expected.
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