Company Update (NYSE:CLF): Cliffs Natural Resources Inc Declares Quarterly Cash Dividend on Preferred Shares
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 1/40th of a share of Series A preferred stock. The cash dividend will be payable on May 1, 2015 to shareholders of record as of the close of business on April 15, 2015. (Original Source)
Shares of Cliffs Natural Resources closed yesterday at $4.79 . CLF has a 1-year high of $21.25 and a 1-year low of $4.12. The stock's 50-day moving average is $5.98 and it's 200-day moving average is $8.30.
On the ratings front, CLF has been the subject of a number of recent research reports. In a report issued on March 9, Axiom analyst Gordon Johnson downgraded the stock to Sell, with a price target of $2, which implies a downside of 58.2% from current levels. Separately, on February 12, RBC's Fraser Phillips maintained a Hold rating on the stock and has a price target of $8.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gordon Johnson and Fraser Phillips have a total average return of 18.5% and -18.0% respectively. Johnson has a success rate of 69.2% and is ranked #161 out of 3550 analysts, while Phillips has a success rate of 30.8% and is ranked #3442.
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.