Cliffs Natural Resources Inc (NYSE:CLF) announced that its Board of Directors declared a quarterly cash dividend on the Company’s 7.00% Series A Mandatory Convertible Preferred Stock, Class A (“Series A preferred stock”), of $17.50 per share, which is equivalent to approximately $0.4375 per depositary share, each representing 1/40thof a share of Series A preferred stock. The cash dividend will be payable on Aug. 3, 2015 to shareholders of record of the Series A preferred stock as of the close of business on July 15, 2015. The Company stated that the aggregate amount of the preferred dividend payment is approximately $12.8 million. (Original Source)
Shares of Cliffs Natural Resources opened today at $4.34 and are currently trading down at $4.21. CLF has a 1-year high of $18.41 and a 1-year low of $4.12. The stock’s 50-day moving average is $5.19 and its 200-day moving average is $5.93.
On the ratings front, Cliffs Natural Resources has been the subject of a number of recent research reports. In a report issued on April 30, Citigroup analyst Brian Yu maintained a Sell rating on CLF, with a price target of $2.50, which implies a downside of 42.4% from current levels. Separately, on April 29, RBC’s Fraser Phillips reiterated a Hold rating on the stock and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Yu and Fraser Phillips have a total average return of -1.1% and -22.2% respectively. Yu has a success rate of 53.3% and is ranked #2947 out of 3683 analysts, while Phillips has a success rate of 25.0% and is ranked #3600.
Cliffs Natural Resources Inc is a mining and natural resources company. The Company is a supplier ofiron ore pellets to the North American steel industry from itsmines and pellet plants located in Michigan and Minnesota.