General American Investors (NYSE:GAM) Sets New 52-Week High - Here's Why

General American Investors, Inc. (NYSE:GAM - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $57.54 and last traded at $56.74, with a volume of 2657 shares traded. The stock had previously closed at $56.58.

General American Investors Price Performance

The business has a 50-day moving average of $54.36 and a 200 day moving average of $52.05.

Insider Buying and Selling

In other General American Investors news, Director Arthur G. Altschul, Jr. sold 17,400 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $24.82, for a total transaction of $431,868.00. Following the sale, the director directly owned 5,000 shares in the company, valued at $124,100. This represents a 77.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeffrey W. Priest acquired 1,141 shares of the firm's stock in a transaction on Thursday, May 8th. The shares were bought at an average price of $24.75 per share, for a total transaction of $28,239.75. Following the completion of the transaction, the chief executive officer owned 18,268 shares of the company's stock, valued at approximately $452,133. This trade represents a 6.66% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 2,496 shares of company stock worth $61,780. Company insiders own 8.33% of the company's stock.

Institutional Investors Weigh In On General American Investors

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Saba Capital Management L.P. raised its holdings in shares of General American Investors by 42.6% in the fourth quarter. Saba Capital Management L.P. now owns 1,464,300 shares of the investment management company's stock worth $74,694,000 after buying an additional 437,632 shares during the period. Shaker Financial Services LLC purchased a new stake in shares of General American Investors in the first quarter worth approximately $7,990,000. Sit Investment Associates Inc. raised its holdings in shares of General American Investors by 35.9% in the fourth quarter. Sit Investment Associates Inc. now owns 239,050 shares of the investment management company's stock worth $12,194,000 after buying an additional 63,197 shares during the period. Royal Bank of Canada raised its holdings in shares of General American Investors by 38.3% in the first quarter. Royal Bank of Canada now owns 195,963 shares of the investment management company's stock worth $9,871,000 after buying an additional 54,223 shares during the period. Finally, Jones Financial Companies Lllp grew its stake in General American Investors by 79,052.6% in the first quarter. Jones Financial Companies Lllp now owns 45,117 shares of the investment management company's stock worth $2,106,000 after purchasing an additional 45,060 shares in the last quarter. 36.85% of the stock is currently owned by hedge funds and other institutional investors.

About General American Investors

General American Investors Company, Inc is a publicly owned investment manager. The firm invests in the public equity markets of United States. It invests in growth stocks of companies. It makes investments in Information Technology, Financials, Consumer Staples, Consumer Discretionary, Retailing, Communication Services, Industrials, Health Care, Energy and Materials.