ASA Gold and Precious Metals (NYSE:ASA) Hits New 1-Year High - Still a Buy?

Key Points

• ASA Gold and Precious Metals Limited's stock reached a new 52-week high of $37.37 recently, reflecting strong trading activity with a volume of 124,046 shares.
• Major shareholder Saba Capital Management significantly increased its holding by purchasing 354,169 shares at an average cost of $35.39 per share, raising their stake by 9.61%.
• Institutional investments have surged, with several hedge funds reporting new acquisitions and significant increases in their positions in ASA Gold and Precious Metals.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $37.37 and last traded at $37.15, with a volume of 124046 shares changing hands. The stock had previously closed at $37.18.

ASA Gold and Precious Metals Price Performance

The company has a fifty day simple moving average of $33.42 and a two-hundred day simple moving average of $30.57.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. bought 7,520 shares of the stock in a transaction on Monday, August 25th. The shares were bought at an average price of $36.51 per share, with a total value of $274,555.20. Following the completion of the acquisition, the insider owned 4,085,154 shares of the company's stock, valued at approximately $149,148,972.54. This trade represents a 0.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 831,317 shares of company stock valued at $29,214,692 over the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of ASA Gold and Precious Metals

Large investors have recently bought and sold shares of the company. NBC Securities Inc. boosted its stake in shares of ASA Gold and Precious Metals by 128,600.0% during the first quarter. NBC Securities Inc. now owns 1,287 shares of the investment management company's stock valued at $38,000 after acquiring an additional 1,286 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in ASA Gold and Precious Metals in the 2nd quarter worth about $61,000. Wealthcare Advisory Partners LLC purchased a new position in shares of ASA Gold and Precious Metals in the 1st quarter worth about $220,000. Fruth Investment Management purchased a new position in shares of ASA Gold and Precious Metals in the 1st quarter worth about $226,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of ASA Gold and Precious Metals by 143.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 7,252 shares of the investment management company's stock worth $229,000 after purchasing an additional 4,272 shares during the period.

About ASA Gold and Precious Metals

ASA Gold and Precious Metals Limited is a publicly owned investment manager. The firm invests in the public equity markets across the globe. It primarily invests in stocks of companies engaged in the exploration, mining or processing of gold, silver, platinum, diamonds, or other precious minerals. It also invests in exchange traded funds.