General American Investors (NYSE:GAM) Hits New 12-Month High - Here's What Happened

Key Points

• The stock hit a new 52-week high of $64.42 on Friday, last trading at $64.1240 (up about 1.1%) with 22,137 shares changing hands; the 50- and 200-day moving averages are both around $60.6.
• Insiders increased holdings: VP Eugene S. Stark bought 6,151 shares at about $24.86 (now owns 34,000) and another insider bought 1,095 shares, with insiders acquiring 12,957 shares (~$322,723) in the last quarter and owning 7.93% of the stock.
• Institutional interest is rising: institutions own 36.85% of GAM, with notable increases from Royal Bank of Canada (up 38.3% to 195,963 shares) and Allspring Global Investments (up 8.2% to 397,812 shares).

General American Investors, Inc. (NYSE:GAM - Get Free Report)'s share price hit a new 52-week high on Friday . The stock traded as high as $64.42 and last traded at $64.1240, with a volume of 22137 shares trading hands. The stock had previously closed at $63.11.

General American Investors Trading Up 1.1%

The firm's 50-day moving average price is $60.58 and its two-hundred day moving average price is $60.63.

Insider Activity

In other General American Investors news, VP Eugene S. Stark bought 6,151 shares of the firm's stock in a transaction dated Wednesday, April 8th. The shares were acquired at an average cost of $24.86 per share, for a total transaction of $152,913.86. Following the transaction, the vice president owned 34,000 shares in the company, valued at approximately $845,240. The trade was a 22.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Anang K. Majmudar bought 1,095 shares of the firm's stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $27,375.00. Following the completion of the transaction, the insider owned 10,500 shares in the company, valued at $262,500. This represents a 11.64% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 12,957 shares of company stock worth $322,723. 7.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On General American Investors

Several institutional investors have recently added to or reduced their stakes in GAM. Royal Bank of Canada lifted its holdings in General American Investors by 38.3% during the 1st quarter. Royal Bank of Canada now owns 195,963 shares of the investment management company's stock valued at $9,871,000 after purchasing an additional 54,223 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in General American Investors by 2.2% during the 2nd quarter. Raymond James Financial Inc. now owns 25,706 shares of the investment management company's stock valued at $1,441,000 after purchasing an additional 550 shares during the last quarter. Bank of America Corp DE lifted its holdings in General American Investors by 34.2% during the 2nd quarter. Bank of America Corp DE now owns 41,648 shares of the investment management company's stock valued at $2,334,000 after purchasing an additional 10,607 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in General American Investors by 41.6% during the 2nd quarter. Osaic Holdings Inc. now owns 3,755 shares of the investment management company's stock valued at $210,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in General American Investors by 8.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 397,812 shares of the investment management company's stock valued at $24,748,000 after purchasing an additional 30,217 shares during the last quarter. 36.85% of the stock is owned by institutional investors.

General American Investors Company Profile

General American Investors Company, Inc is a diversified closed-end management investment company listed on the New York Stock Exchange under the ticker GAM. The firm primarily allocates capital to equity and equity-related securities of publicly traded companies, aiming to generate long-term capital appreciation for its shareholders. Its flexible mandate allows investment across a broad range of industries and market capitalizations.

The company follows a value-oriented, fundamental research approach, conducting in-depth analysis to identify undervalued businesses with strong growth potential.

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