NEW YORK (TheStreet) -- Shares of Cliffs Natural Resources (CLF) - Get Report were diving 16.29% to $5.19 on heavy trading volume late Thursday morning after the company posted an unexpected loss for the 2016 third quarter.

Before the market open, the Cleveland-based mining and natural resources company reported a loss from continuing operations of 11 cents per diluted share. Analysts surveyed by FactSet had projected earnings of 18 cents per share.

Revenue slumped 7% to $553.3 million year-over-year and fell short of analysts' estimates of $581.0 million.

The company also reported adjusted EBITDA of $62 million, while analysts were looking for $127 million.

"Cliffs Natural Resources reported 3Q16 results below our and the consensus estimate. Weaker-than-expected US iron ore sales volumes and higher cash costs primarily drove the EBITDA miss," Cowen wrote in an analyst note cited by Barron's.

Additionally, Cliffs said it has appointed Eric Rychel to its board, effective immediately. Rychel is the CFO, EVP and treasurer of Aleris, a privately-held company engaged in aluminum rolled products.

TST Recommends

More than 16.30 million of the company's shares changed hands so far today vs. its average 30-day volume of 8.31 million shares.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and solid stock price performance.

But the team also finds weaknesses including unimpressive growth in net income and poor profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CLF

Image placeholder title