ASA Gold and Precious Metals (NYSE:ASA) Sees Unusually-High Trading Volume Following Insider Buying Activity

Key Points

• ASA Gold and Precious Metals experienced a 104% increase in trading volume on Tuesday, with approximately 193,931 shares traded following significant insider purchases.
• Major shareholder Saba Capital Management made multiple purchases totaling over $2.8 million, increasing their ownership of the company and now holds nearly 5 million shares valued at over $248 million.
• The company announced a semi-annual dividend of $0.03 per share, translating to a high dividend yield of 14.0%, which will be paid on November 19th to investors on record by November 12th.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) shares saw unusually-high trading volume on Tuesday following insider buying activity. Approximately 193,931 shares changed hands during trading, an increase of 104% from the previous session's volume of 95,089 shares.The stock last traded at $45.16 and had previously closed at $50.11.

Specifically, major shareholder Saba Capital Management, L.P. purchased 11,566 shares of the business's stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $50.10 per share, for a total transaction of $579,456.60. Following the completion of the purchase, the insider owned 4,964,743 shares in the company, valued at approximately $248,733,624.30. This represents a 0.23% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Saba Capital Management, L.P. acquired 13,170 shares of the company's stock in a transaction that occurred on Wednesday, October 15th. The shares were bought at an average cost of $51.71 per share, for a total transaction of $681,020.70. Following the transaction, the insider owned 4,847,405 shares of the company's stock, valued at $250,659,312.55. This represents a 0.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, major shareholder Saba Capital Management, L.P. acquired 31,833 shares of the company's stock in a transaction that occurred on Tuesday, October 14th. The shares were bought at an average price of $50.01 per share, with a total value of $1,591,968.33. Following the completion of the transaction, the insider directly owned 4,834,235 shares in the company, valued at $241,760,092.35. This trade represents a 0.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy".

ASA Gold and Precious Metals Trading Down 10.1%

The stock has a 50 day moving average price of $41.75 and a two-hundred day moving average price of $34.98.

ASA Gold and Precious Metals Announces Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, November 19th. Investors of record on Wednesday, November 12th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a dividend yield of 14.0%.

Institutional Investors Weigh In On ASA Gold and Precious Metals

A number of institutional investors and hedge funds have recently modified their holdings of ASA. Sessa Capital IM L.P. lifted its holdings in shares of ASA Gold and Precious Metals by 56.3% during the first quarter. Sessa Capital IM L.P. now owns 1,050,000 shares of the investment management company's stock worth $31,647,000 after purchasing an additional 378,327 shares during the period. Medici Capital LLC acquired a new stake in shares of ASA Gold and Precious Metals during the second quarter worth about $5,238,000. Cetera Investment Advisers lifted its holdings in shares of ASA Gold and Precious Metals by 223.9% during the first quarter. Cetera Investment Advisers now owns 188,855 shares of the investment management company's stock worth $5,692,000 after purchasing an additional 130,547 shares during the period. Sprott Inc. lifted its holdings in shares of ASA Gold and Precious Metals by 74.9% during the first quarter. Sprott Inc. now owns 280,183 shares of the investment management company's stock worth $8,445,000 after purchasing an additional 120,000 shares during the period. Finally, Wolverine Asset Management LLC acquired a new stake in shares of ASA Gold and Precious Metals during the second quarter worth about $1,213,000.

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.

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