Legal & General Group Plc Buys New Position in Seabridge Gold, Inc. $SA

Key Points

• Legal & General Group Plc acquired 83,641 Seabridge Gold shares worth approximately $2.16 million in the second quarter, giving it a 0.08% stake.
• Several institutional investors increased their positions, with institutional ownership reaching 34.85% of Seabridge Gold’s outstanding shares.
• Analyst sentiment is mixed, resulting in an overall “Hold” rating and a consensus price target of $40. Seabridge Gold shares opened at $31.80, while the stock has traded between $23.69 and $35.12 over the past year.

Legal & General Group Plc bought a new position in shares of Seabridge Gold, Inc. (NYSE:SA - Free Report) TSE: SEA in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 83,641 shares of the basic materials company's stock, valued at approximately $2,158,000. Legal & General Group Plc owned 0.08% of Seabridge Gold at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SA. Baird Financial Group Inc. acquired a new position in Seabridge Gold in the first quarter valued at approximately $122,000. Royal Bank of Canada increased its stake in shares of Seabridge Gold by 125.3% in the 1st quarter. Royal Bank of Canada now owns 46,327 shares of the basic materials company's stock valued at $541,000 after acquiring an additional 25,769 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Seabridge Gold by 9.8% in the 2nd quarter. Geode Capital Management LLC now owns 44,686 shares of the basic materials company's stock valued at $652,000 after acquiring an additional 3,982 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Seabridge Gold by 11.4% during the 2nd quarter. Marshall Wace LLP now owns 541,886 shares of the basic materials company's stock valued at $7,868,000 after acquiring an additional 55,262 shares during the period. Finally, Nebula Research & Development LLC lifted its position in shares of Seabridge Gold by 36.4% during the 2nd quarter. Nebula Research & Development LLC now owns 27,657 shares of the basic materials company's stock valued at $402,000 after acquiring an additional 7,374 shares during the period. 34.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on SA shares. Weiss Ratings upgraded shares of Seabridge Gold from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, August 18th. Zacks Research upgraded shares of Seabridge Gold to a "hold" rating in a report on Tuesday, September 1st. B. Riley Financial began coverage on shares of Seabridge Gold in a research report on Monday, August 3rd. They set a "buy" rating and a $40.00 price objective on the stock. Finally, Wall Street Zen upgraded Seabridge Gold from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $40.00.

Seabridge Gold Stock Down 2.4%

Seabridge Gold stock opened at $31.80 on Friday. The firm has a market capitalization of $3.43 billion and a price-to-earnings ratio of -65.70. The firm's fifty day moving average price is $28.80 and its two-hundred day moving average price is $30.15. Seabridge Gold, Inc. has a 1-year low of $23.69 and a 1-year high of $35.12. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of 0.46.

Seabridge Gold Company Profile

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.

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