Cliffs Natural Resources Shares Respond — Slightly — To Insider Buy
Cliffs Natural Resources Inc (NYSE: CLF) shares responded –- slightly -- to an insider buy on Wednesday afternoon, rising about 1 percent as the news broke.
Shares have since fallen back to the day's opening price.
According to a Form 4 filed with the U.S. Securities and Exchange Commission, the company's Chairman, President & CEO, Lourenco Goncalves, acquired 100,000 Common Shares for prices ranging between $6.43 and $6.55 per share.
The shares were purchased in account of the Lourenco Goncalves Revocable Trust.
The insider now owns 100,000 Common Shares indirectly, through the Lourenco Goncalves Revocable Trust, and another 264,137 Common Shares directly.
Several institutional investors also seem confident on Cliffs Natural Resources' future. Capital World Investors, the company's largest institutional investor at the end of 2014, recently disclosed increasing its stake by 21 percent to 14,387,028 shares.
Among hedge funds, D.E. Shaw is one of the most bullish.
After tripling its exposure to the company over the fourth quarter of 2014, the firm declared holding 4,056,096 shares, worth almost $29 million.
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Posted-In: Capital World Investors D.E. Shaw Lourenco GoncalvesNews Insider Trades Movers
