The Manufacturers Life Insurance Company Invests $2.30 Million in Seabridge Gold, Inc. $SA

Key Points

• The Manufacturers Life Insurance Company acquired 89,153 Seabridge Gold shares worth approximately $2.30 million, representing a 0.08% stake.
• Other institutions also increased exposure, including CIBC World Markets’ roughly $52.7 million position and Kopernik Global Investors’ 7.33 million shares; institutional investors collectively own 34.85% of the company.
• Seabridge Gold shares rose 4.0% to $31.11, while analysts’ consensus rating remained “Reduce” despite a $40 average price target.

The Manufacturers Life Insurance Company acquired a new stake in Seabridge Gold, Inc. (NYSE:SA - Free Report) TSE: SEA in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 89,153 shares of the basic materials company's stock, valued at approximately $2,296,000. The Manufacturers Life Insurance Company owned 0.08% of Seabridge Gold as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Royal Bank of Canada lifted its holdings in Seabridge Gold by 18.3% in the 1st quarter. Royal Bank of Canada now owns 313,637 shares of the basic materials company's stock valued at $8,888,000 after acquiring an additional 48,445 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Seabridge Gold during the 2nd quarter valued at about $12,685,000. Renaissance Technologies LLC acquired a new position in shares of Seabridge Gold in the 1st quarter worth approximately $8,238,000. Cibc World Market Inc. acquired a new position in shares of Seabridge Gold in the 2nd quarter worth approximately $52,690,000. Finally, Kopernik Global Investors LLC raised its holdings in shares of Seabridge Gold by 5.1% in the 1st quarter. Kopernik Global Investors LLC now owns 7,332,863 shares of the basic materials company's stock worth $207,813,000 after purchasing an additional 353,252 shares in the last quarter. Institutional investors own 34.85% of the company's stock.

Seabridge Gold Trading Up 4.0%

Shares of SA opened at $31.11 on Thursday. The business's 50-day moving average price is $28.54 and its 200 day moving average price is $30.14. The stock has a market capitalization of $3.36 billion and a P/E ratio of -64.28. 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.

Analysts Set New Price Targets

Several research firms recently commented on SA. B. Riley Financial assumed coverage on shares of Seabridge Gold in a research note on Monday, August 3rd. They set a "buy" rating and a $40.00 target price for the company. Weiss Ratings upgraded shares of Seabridge Gold from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen raised Seabridge Gold from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $40.00.

About Seabridge Gold

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.

Want to see what other hedge funds are holding SA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seabridge Gold, Inc. (NYSE:SA - Free Report) TSE: SEA.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.