2.Cliffs Natural Resources (CLF) produces iron ore pellets and metallurgical coal in North America and is a provider of direct shipping of lump and iron ore fines out of Australia. The company divides its operations into North American Coal, North American Iron Ore, Asia-Pacific Coal, Asia-Pacific Iron Ore, Latin American Iron Ore, Alternative Energies, Ferroalloys and Global Exploration Group.
Of the 20 analysts covering the stock, 80% recommend a buy and 20% suggest a hold. There are no sell ratings. The stock's average 12-month price target is $104.36, about 66.8% higher than the current price, according to a Bloomberg consensus.
Net revenue for 2011 third quarter surged 59% year-over-year to $2.1 billion, boosted by higher pricing and sales volume in the iron ore segments. Net income attributable to the company's common shareholders grew almost 100% to $590 million, or $4.07 per diluted share, vs. $297 million, or $2.18 per diluted share, during the third quarter of 2010.
Cash and cash equivalents for the quarter stood at $545 million. The company will repurchase up to four million of its outstanding common shares under a new repurchase plan, wherein it has already acquired over 3 million shares at an average weighted cost of $74 per share for a total investment of $222 million. Recently, Cliffs estimated its full-year 2012 production volume at its Empire mine in Michigan to be over 2.7 million tons, down from the prior fiscal's expected production volume of over 4.6 million tons, attributable to its planned blast furnace maintenance at one of its North American facilities. However, the company said this cut will not impact its previously announced revenue and production volumes in its U.S. iron ore business segment. For 2011, Cliffs has updated its full-year revenue per ton in the U.S. iron ore segment to be in the range of $135 to $140, sales volume of 24 million tons, vs. the previous view of $130 to $135, sales volume of 25 million tons..Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
