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

Key Points

• ASA Gold and Precious Metals saw a significant trading volume increase of 187% after major shareholder Saba Capital Management acquired 35,777 shares for approximately $1.26 million.
• Following its latest acquisitions, Saba Capital Management now owns 3,358,646 shares of ASA, valued at around $118 million, representing a 1.08% increase in their ownership.
• Institutional investors have also shown increased interest, with Sessa Capital boosting its stake by 56.3% and Capstone Investment Advisors by 634.3% in recent quarters.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) saw strong trading volume on Monday after an insider bought additional shares in the company. 201,343 shares changed hands during trading, an increase of 187% from the previous session's volume of 70,068 shares.The stock last traded at $35.03 and had previously closed at $35.12.

Specifically, major shareholder Saba Capital Management, L.P. bought 35,777 shares of ASA Gold and Precious Metals stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $35.22 per share, with a total value of $1,260,065.94. Following the acquisition, the insider owned 3,358,646 shares in the company, valued at approximately $118,291,512.12. This trade represents a 1.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Saba Capital Management, L.P. bought 69,032 shares of ASA Gold and Precious Metals stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $34.73 per share, for a total transaction of $2,397,481.36. Following the acquisition, the insider owned 3,322,869 shares in the company, valued at $115,403,240.37. The trade was a 2.12% increase in their position. The disclosure for this purchase can be found here.

ASA Gold and Precious Metals Trading Up 0.3%

The company's fifty day moving average is $32.82 and its 200 day moving average is $29.39.

Hedge Funds Weigh In On ASA Gold and Precious Metals

Institutional investors and hedge funds have recently made changes to their positions in the business. Sessa Capital IM L.P. boosted its stake in shares of ASA Gold and Precious Metals by 56.3% during the 1st 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 purchasing an additional 378,327 shares in the last quarter. Capstone Investment Advisors LLC boosted its stake in ASA Gold and Precious Metals by 634.3% during the fourth quarter. Capstone Investment Advisors LLC now owns 266,221 shares of the investment management company's stock worth $5,383,000 after acquiring an additional 229,968 shares in the last quarter. Medici Capital LLC bought a new stake in ASA Gold and Precious Metals during the second quarter worth about $5,238,000. Cetera Investment Advisers boosted its stake in 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 acquiring an additional 130,547 shares in the last quarter. Finally, Sprott Inc. boosted its stake in 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 acquiring an additional 120,000 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.