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

Key Points

• ASA Gold and Precious Metals' share price reached a new 12-month high at $35.28, reflecting positive market sentiment.
• Several institutional investors have significantly increased their stakes, indicating growing confidence in the company's performance.
• The company primarily invests in the public equity markets related to precious minerals, including gold, silver, and diamonds.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) shares hit a new 52-week high on Friday . The stock traded as high as $35.28 and last traded at $35.18, with a volume of 40974 shares. The stock had previously closed at $34.76.

ASA Gold and Precious Metals Stock Performance

The company has a 50-day moving average of $32.85 and a 200-day moving average of $29.48.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. acquired 35,777 shares of the stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $35.22 per share, with a total value of $1,260,065.94. Following the purchase, the insider directly owned 3,358,646 shares of the company's stock, valued at approximately $118,291,512.12. This represents a 1.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ASA Gold and Precious Metals

A number of institutional investors have recently added to or reduced their stakes in ASA. Wealthcare Advisory Partners LLC bought a new stake in shares of ASA Gold and Precious Metals during the 1st quarter valued at about $220,000. Private Advisor Group LLC grew its position in shares of ASA Gold and Precious Metals by 57.7% during the 1st quarter. Private Advisor Group LLC now owns 82,054 shares of the investment management company's stock valued at $2,473,000 after buying an additional 30,024 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of ASA Gold and Precious Metals by 223.9% in the first quarter. Cetera Investment Advisers now owns 188,855 shares of the investment management company's stock valued at $5,692,000 after purchasing an additional 130,547 shares during the period. Matrix Trust Co increased its stake in shares of ASA Gold and Precious Metals by 36.9% in the first quarter. Matrix Trust Co now owns 47,899 shares of the investment management company's stock valued at $1,444,000 after purchasing an additional 12,911 shares during the period. Finally, Sessa Capital IM L.P. increased its stake in shares of ASA Gold and Precious Metals by 22.1% in the fourth quarter. Sessa Capital IM L.P. now owns 671,673 shares of the investment management company's stock valued at $13,581,000 after purchasing an additional 121,673 shares during the period.

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.