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Cliffs Natural Resources (CLF) Dropped Sharply After Dividend Slashed

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2/14/2013 7:43 AM ET

Cliffs Natural Resources (CLF: Quote) reported fourth quarter adjusted EPS of $0.62 after the close Tuesday, down from $1.49 a year ago. The consensus estimate was for EPS of $0.58.

The Company's board has approved a meaningful reduction of 76 percent in its quarterly cash dividend rate to $0.15 from $0.625 per common share.

Cliffs Natural Resources gapped open sharply lower Wednesday and fell during the first hour of trade. The stock finished down by 7.32 at $29.29 on the highest volume of the year and dropped to a 2-month low.

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by RTT Staff Writer

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