ASA Gold and Precious Metals (NYSE:ASA) Reaches New 1-Year High Following Insider Buying Activity

Key Points

• ASA Gold and Precious Metals Limited's shares hit a new 52-week high of $41.24 following significant insider buying from major shareholder Saba Capital Management, L.P.
• The insider made multiple purchases totaling 19,126 shares at an average price of $40.34 per share, increasing their stake by 0.45% and bringing their total ownership to approximately $173.9 million.
• Several hedge funds, including Cetera Investment Advisers and Sessa Capital IM L.P., have also recently increased their stakes in ASA, indicating growing institutional interest in the company.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report)'s share price hit a new 52-week high on Friday following insider buying activity. The stock traded as high as $41.24 and last traded at $40.89, with a volume of 6960 shares changing hands. The stock had previously closed at $40.71.

Specifically, major shareholder Saba Capital Management, L.P. purchased 19,126 shares of the stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average cost of $40.34 per share, with a total value of $771,542.84. Following the purchase, the insider directly owned 4,310,895 shares in the company, valued at $173,901,504.30. This trade represents a 0.45% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Saba Capital Management, L.P. acquired 31,225 shares of the business's stock in a transaction dated Tuesday, September 9th. The shares were bought at an average price of $40.06 per share, for a total transaction of $1,250,873.50. Following the completion of the acquisition, the insider owned 4,291,769 shares in the company, valued at approximately $171,928,266.14. This trade represents a 0.73% increase in their ownership of the stock. The disclosure for this purchase can be found here. In other news, major shareholder Saba Capital Management, L.P. acquired 24,510 shares of the stock in a transaction on Monday, September 8th. The stock was bought at an average price of $40.50 per share, with a total value of $992,655.00. Following the completion of the transaction, the insider directly owned 4,260,544 shares of the company's stock, valued at $172,552,032. The trade was a 0.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

ASA Gold and Precious Metals Stock Performance

The company has a 50 day moving average price of $35.32 and a 200 day moving average price of $31.75.

Hedge Funds Weigh In On ASA Gold and Precious Metals

Several large investors have recently added to or reduced their stakes in ASA. Sessa Capital IM L.P. lifted its stake in ASA Gold and Precious Metals by 56.3% in the first quarter. Sessa Capital IM L.P. now owns 1,050,000 shares of the investment management company's stock valued at $31,647,000 after buying an additional 378,327 shares during the last quarter. Sprott Inc. grew its stake in ASA Gold and Precious Metals by 74.9% during the 1st quarter. Sprott Inc. now owns 280,183 shares of the investment management company's stock valued at $8,445,000 after acquiring an additional 120,000 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of ASA Gold and Precious Metals by 223.9% during the 1st quarter. Cetera Investment Advisers now owns 188,855 shares of the investment management company's stock valued at $5,692,000 after buying an additional 130,547 shares during the last quarter. Medici Capital LLC acquired a new stake in shares of ASA Gold and Precious Metals during the 2nd quarter valued at about $5,238,000. Finally, Blue Bell Private Wealth Management LLC lifted its holdings in shares of ASA Gold and Precious Metals by 3.0% during the 1st quarter. Blue Bell Private Wealth Management LLC now owns 116,268 shares of the investment management company's stock valued at $3,504,000 after buying an additional 3,345 shares during the last quarter.

ASA Gold and Precious Metals Company Profile

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.