Gabelli Funds LLC Purchases 20,000 Shares of Contango ORE, Inc. $CTGO

Key Points

• Gabelli Funds LLC increased its stake in Contango ORE, Inc. by 18.8%, owning 126,479 shares valued at approximately $1.29 million.
• During the first quarter, several institutional investors also bought stakes in Contango ORE, with GAMMA Investing LLC increasing its stake by an astonishing 4,016.7%.
• As of the most recent data, Contango ORE shares are trading at $22.03, having a 1-year high of $23.95 and a market cap of $279.12 million.

Gabelli Funds LLC boosted its holdings in shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO - Free Report) by 18.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,479 shares of the company's stock after buying an additional 20,000 shares during the quarter. Gabelli Funds LLC owned approximately 1.03% of Contango ORE worth $1,291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTGO. Wells Fargo & Company MN boosted its position in shares of Contango ORE by 36.3% during the 4th quarter. Wells Fargo & Company MN now owns 5,715 shares of the company's stock worth $57,000 after acquiring an additional 1,522 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Contango ORE by 93.6% in the fourth quarter. Deutsche Bank AG now owns 8,023 shares of the company's stock valued at $80,000 after buying an additional 3,879 shares during the period. Bank of America Corp DE raised its position in shares of Contango ORE by 40.1% during the fourth quarter. Bank of America Corp DE now owns 10,262 shares of the company's stock worth $103,000 after acquiring an additional 2,936 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Contango ORE by 4,016.7% during the first quarter. GAMMA Investing LLC now owns 1,235 shares of the company's stock worth $121,000 after buying an additional 1,205 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Contango ORE during the 1st quarter valued at about $139,000. 19.14% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Michael Aaron Clark sold 2,822 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $21.66, for a total value of $61,124.52. Following the transaction, the chief financial officer directly owned 59,970 shares in the company, valued at approximately $1,298,950.20. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard Shortz sold 33,150 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $21.08, for a total value of $698,802.00. Following the transaction, the director owned 84,050 shares in the company, valued at $1,771,774. This trade represents a 28.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.40% of the stock is owned by insiders.

Contango ORE Stock Down 3.7%

Shares of NYSEAMERICAN:CTGO traded down $0.83 during trading on Thursday, reaching $21.24. 48,347 shares of the stock were exchanged, compared to its average volume of 102,931. The stock has a fifty day moving average of $20.42 and a two-hundred day moving average of $15.91. Contango ORE, Inc. has a 1-year low of $8.85 and a 1-year high of $23.95. The firm has a market cap of $269.05 million, a price-to-earnings ratio of -78.65 and a beta of -0.17. The company has a debt-to-equity ratio of 20.71, a current ratio of 0.47 and a quick ratio of 0.46.

Contango ORE Profile

Contango Ore, Inc, an exploration stage company, engages in the exploration and development of mineral properties in Alaska, the United States. It primarily explores for gold, silver, and copper ores. The company was founded in 2009 and is headquartered in Fairbanks, Alaska.