ASA Gold and Precious Metals (NYSE:ASA) Shares Gap Down - What's Next?

Key Points

• Shares gapped down: ASA opened at $63.04 after closing at $66.27 and last traded around $63.21, below its 50‑day moving average ($67.57) but above the 200‑day ($60.82).
• High-yield dividend announced: The company declared a $0.04 per‑share dividend payable May 13 with an ex‑dividend/record date of May 1, implying roughly a 13.0% yield.
• Insider and analyst support: Major shareholder Saba Capital has been buying shares and increased its stake, while Weiss Ratings reiterated a "Buy" and the stock carries a consensus "Buy" rating.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $66.27, but opened at $63.04. ASA Gold and Precious Metals shares last traded at $63.2050, with a volume of 3,164 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of ASA Gold and Precious Metals in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy".

ASA Gold and Precious Metals Stock Down 1.5%

The business's 50 day moving average price is $67.57 and its 200-day moving average price is $60.82.

ASA Gold and Precious Metals Announces Dividend

The business also recently declared a dividend, which will be paid on Wednesday, May 13th. Investors of record on Friday, May 1st will be issued a $0.04 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a dividend yield of 13.0%.

Insider Buying and Selling at ASA Gold and Precious Metals

In related news, major shareholder Saba Capital Management, L.P. purchased 50,560 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was acquired at an average price of $71.50 per share, with a total value of $3,615,040.00. Following the completion of the acquisition, the insider directly owned 5,903,701 shares in the company, valued at approximately $422,114,621.50. This trade represents a 0.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have purchased a total of 376,044 shares of company stock valued at $26,172,906 over the last three months. Company insiders own 1.69% of the company's stock.

Institutional Trading of ASA Gold and Precious Metals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Saba Capital Management L.P. increased its holdings in shares of ASA Gold and Precious Metals by 15.8% in the fourth quarter. Saba Capital Management L.P. now owns 5,391,713 shares of the investment management company's stock valued at $321,724,000 after purchasing an additional 735,036 shares in the last quarter. Almitas Capital LLC increased its holdings in shares of ASA Gold and Precious Metals by 14.0% in the fourth quarter. Almitas Capital LLC now owns 382,139 shares of the investment management company's stock valued at $22,802,000 after purchasing an additional 46,797 shares in the last quarter. Blue Bell Private Wealth Management LLC increased its holdings in shares of ASA Gold and Precious Metals by 3.6% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 143,341 shares of the investment management company's stock valued at $8,553,000 after purchasing an additional 4,986 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of ASA Gold and Precious Metals in the third quarter valued at approximately $6,411,000. Finally, Private Advisor Group LLC increased its holdings in shares of ASA Gold and Precious Metals by 3.2% in the third quarter. Private Advisor Group LLC now owns 84,157 shares of the investment management company's stock valued at $3,854,000 after purchasing an additional 2,622 shares in the last quarter.

ASA Gold and Precious Metals Company Profile

ASA Gold & Precious Metals Limited, trading on the New York Stock Exchange under the ticker ASA, is a closed-end investment company dedicated to providing shareholders with targeted exposure to the precious metals sector. Established in 1959 and domiciled in Guernsey, the company aims to combine dividend income with the potential for long-term capital appreciation by investing in a diversified suite of gold, silver, platinum and palladium assets.

The firm’s core activities involve constructing and managing a portfolio that blends equity positions in precious metals mining companies with direct holdings of physical bullion.

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