Cliffs Natural Resources
Dividend Change: -76%
It has been just a dismal half-year for Cliffs Natural Resources (CLF).
Not that Cliffs shares were having a rousing year to begin with, but they really fell off a … er, ledge … following the Feb. 13 announcement that it was slashing its payout and executing a secondary stock offering amid serious financial struggles that included a $1.6 billion loss in its fiscal fourth quarter. CLF stock has fallen 55% since then, and at -60% total for the past six months, it stands as the S&P 500’s loss leader for the first half.
Unless iron ore or coal prices go up dramatically in the next six months, don’t expect too much of a rebound for CLF, nor a significant uptick in its dividend.