New York-based hedge fund Casablanca Capital LP picked up a 5.2 percent stake in Cliffs Natural Resources Inc and urged the iron ore producer to spin off of international assets and double its annual dividend. Cliffs slashed its 2013 dividend to 60 cents per share in 2013 from over $2 in 2012, according to Thomson Reuters data.Casablanca also said Cliffs should convert its U.S. assets to a master limited partnership (MLP) and "significantly" cut costs.An MLP derives most of its cash flows from real estate, natural resources and commodities.Cliffs shares have nearly halved in value in the past year, compared with a 19 percent rise in the S&P 500 index.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 0.36% or $0.07/share to $19.40. In the past year, the shares have traded as low as $15.41 and as high as $38.52. On average, 7656720 shares of CLF exchange hands on a given day and today's volume is recorded at 8744052.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.36% or $-0.13/share to $36.10. In the past year, the shares have traded as low as $29.33 and as high as $38.73. On average, 746992 shares of TRI exchange hands on a given day and today's volume is recorded at 668263.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.05% or $-0.02/share to $40.13. In the past year, the shares have traded as low as $29.40 and as high as $42.10. On average, 920064 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 961853.
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