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

General American Investors, Inc. (NYSE:GAM - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $55.52 and last traded at $55.27, with a volume of 12464 shares. The stock had previously closed at $55.07.

General American Investors Trading Up 0.4%

The company has a fifty day simple moving average of $52.68 and a 200-day simple moving average of $51.65.

Insiders Place Their Bets

In related news, Chairman Spencer Davidson sold 11,199 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $24.83, for a total value of $278,071.17. Following the completion of the sale, the chairman now directly owns 22,400 shares of the company's stock, valued at $556,192. This represents a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey W. Priest acquired 1,141 shares of General American Investors stock in a transaction that occurred on Thursday, May 8th. The stock was acquired at an average cost of $24.75 per share, with a total value of $28,239.75. Following the purchase, the chief executive officer now directly owns 18,268 shares of the company's stock, valued at $452,133. This represents a 6.66% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 4,231 shares of company stock worth $104,721 and sold 32,599 shares worth $808,839. 8.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On General American Investors

A number of large investors have recently added to or reduced their stakes in GAM. Saba Capital Management L.P. grew its stake in shares of General American Investors by 42.6% during 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 acquiring an additional 437,632 shares during the last quarter. Blue Bell Private Wealth Management LLC lifted its holdings in General American Investors by 1.2% during the first quarter. Blue Bell Private Wealth Management LLC now owns 726,586 shares of the investment management company's stock valued at $36,598,000 after purchasing an additional 8,453 shares in the last quarter. Sit Investment Associates Inc. increased its stake in General American Investors by 3.8% during the 1st quarter. Sit Investment Associates Inc. now owns 248,197 shares of the investment management company's stock worth $12,502,000 after buying an additional 9,147 shares in the last quarter. Cohen & Steers Inc. boosted its position in General American Investors by 19.8% during the fourth quarter. Cohen & Steers Inc. now owns 222,069 shares of the investment management company's stock worth $11,328,000 after acquiring an additional 36,746 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in General American Investors by 38.3% during 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 in the last quarter. 36.85% of the stock is currently owned by institutional investors.

General American Investors Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.