ASA Gold and Precious Metals Limited $ASA Shares Acquired by Saba Capital Management L.P.

Key Points

• Saba Capital Management increased its ASA Gold and Precious Metals stake by 9.5% in the first quarter, adding 511,988 shares to own 5.9 million shares valued at approximately $366.2 million. ASA now represents about 10.1% of Saba’s portfolio and 31.29% of ASA’s outstanding shares.
• Other institutional investors also established or expanded positions, including Quantedge Capital, which increased its holdings by 580.7% to 27,547 shares.
• Weiss Ratings downgraded ASA from “buy (b)” to “buy (b-),” though the stock retains an overall “Buy” rating. ASA opened at $51.14, compared with a 52-week range of $30.95 to $83.20.

Saba Capital Management L.P. lifted its holdings in shares of ASA Gold and Precious Metals Limited (NYSE:ASA - Free Report) by 9.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,903,701 shares of the investment management company's stock after buying an additional 511,988 shares during the period. ASA Gold and Precious Metals accounts for approximately 10.1% of Saba Capital Management L.P.'s holdings, making the stock its biggest position. Saba Capital Management L.P. owned 31.29% of ASA Gold and Precious Metals worth $366,207,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of ASA. Group One Trading LLC bought a new position in ASA Gold and Precious Metals in the first quarter worth about $50,000. Lido Advisors LLC bought a new position in shares of ASA Gold and Precious Metals during the first quarter valued at approximately $204,000. Quantedge Capital Pte Ltd grew its holdings in shares of ASA Gold and Precious Metals by 580.7% during the first quarter. Quantedge Capital Pte Ltd now owns 27,547 shares of the investment management company's stock valued at $1,709,000 after purchasing an additional 23,500 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of ASA Gold and Precious Metals during the 1st quarter worth approximately $201,000. Finally, Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of ASA Gold and Precious Metals during the 1st quarter worth approximately $261,000.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded ASA Gold and Precious Metals from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy".

ASA Gold and Precious Metals Stock Performance

NYSE ASA opened at $51.14 on Tuesday. The company has a 50-day moving average price of $55.81 and a two-hundred day moving average price of $63.35. ASA Gold and Precious Metals Limited has a 52 week low of $30.95 and a 52 week high of $83.20.

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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