ASA Gold and Precious Metals (NYSE:ASA) Reaches New 12-Month High Following Insider Buying Activity

ASA Gold and Precious Metals Limited (NYSE:ASA) shares hit a new 52-week high during mid-day trading on Monday following insider buying activity. The company traded as high as $63.91 and last traded at $63.9450, with a volume of 6695 shares. The stock had previously closed at $61.86.

Specifically, major shareholder Saba Capital Management, L.P. bought 4,152 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were purchased at an average price of $62.03 per share, with a total value of $257,548.56. Following the completion of the acquisition, the insider directly owned 5,422,774 shares of the company’s stock, valued at $336,374,671.22. This represents a 0.08% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Saba Capital Management, L.P. purchased 3,598 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was bought at an average price of $59.78 per share, for a total transaction of $215,088.44. Following the completion of the purchase, the insider directly owned 5,416,143 shares of the company’s stock, valued at $323,777,028.54. The trade was a 0.07% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In other news, major shareholder Saba Capital Management, L.P. bought 3,280 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were acquired at an average price of $61.80 per share, for a total transaction of $202,704.00. Following the completion of the transaction, the insider owned 5,412,545 shares of the company’s stock, valued at approximately $334,495,281. This trade represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of ASA Gold and Precious Metals in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy”.

ASA Gold and Precious Metals Stock Performance

The stock’s 50 day simple moving average is $54.05 and its two-hundred day simple moving average is $44.20.

Hedge Funds Weigh In On ASA Gold and Precious Metals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Medici Capital LLC purchased a new stake in ASA Gold and Precious Metals during the 2nd quarter worth $5,238,000. Wealth Enhancement Advisory Services LLC acquired a new stake in ASA Gold and Precious Metals during the second quarter valued at approximately $231,000. Atria Wealth Solutions Inc. lifted its stake in ASA Gold and Precious Metals by 30.1% during the second quarter. Atria Wealth Solutions Inc. now owns 10,145 shares of the investment management company’s stock worth $320,000 after purchasing an additional 2,350 shares during the last quarter. Wolverine Asset Management LLC bought a new position in shares of ASA Gold and Precious Metals in the 2nd quarter worth about $1,213,000. Finally, JPMorgan Chase & Co. bought a new position in ASA Gold and Precious Metals in the second quarter worth about $61,000.

ASA Gold and Precious Metals Company Profile

ASA Gold & Precious Metals Limited, trading on the New York Stock Exchange under the ticker ASA, is a closed-end investment company dedicated to providing shareholders with targeted exposure to the precious metals sector. Established in 1959 and domiciled in Guernsey, the company aims to combine dividend income with the potential for long-term capital appreciation by investing in a diversified suite of gold, silver, platinum and palladium assets.

The firm’s core activities involve constructing and managing a portfolio that blends equity positions in precious metals mining companies with direct holdings of physical bullion.