Cliffs Natural Resources Shares Respond — Slightly — To Insider Buy

Cliffs Natural Resources Inc (NYSE: CLF) shares responded –slightly- to an insider buy, rising about 1 percent as the news transcended. However, the stock lost most the gained ground rapidly, and is now up barely 0.3 percent. According to a Form 4 filed with the U.S. Securities and Exchange Commission on Wednesday, the company's Chairman, President & CEO, Lourenco Goncalves acquired 100,000 Common Shares for prices ranging from $6.43 per share to $6.55 per share, inclusive. 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 as of the end of 2014 recently disclosed having increased its stake in the company by 21 percent, to 14,387,028 shares.Amongst 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.