General American Investors (NYSE:GAM) Insider Acquires 2,000 Shares

Key Points

• Insider purchase: Craig Grassi bought 2,000 General American Investors shares at an average price of $23.08, investing $46,160. His holdings increased to 3,100 shares, an 181.82% rise.
• Stock performance: GAM shares fell 0.7% to $65.00, trading between a 52-week range of $56.24 to $68.57. The stock’s 50-day and 200-day moving averages were $66.01 and $63.82, respectively.
• Institutional ownership: Several hedge funds and investment firms recently increased or initiated positions, with institutional investors collectively owning 36.85% of the company.

General American Investors, Inc. (NYSE:GAM - Get Free Report) insider Craig Grassi bought 2,000 shares of the company's stock in a transaction on Tuesday, September 22nd. The shares were bought at an average price of $23.08 per share, for a total transaction of $46,160.00. Following the transaction, the insider owned 3,100 shares of the company's stock, valued at approximately $71,548. This represents a 181.82% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

General American Investors Stock Down 0.7%

NYSE GAM traded down $0.47 during trading hours on Wednesday, hitting $65.00. The company had a trading volume of 4,902 shares, compared to its average volume of 27,191. General American Investors, Inc. has a 52 week low of $56.24 and a 52 week high of $68.57. The firm has a 50 day simple moving average of $66.01 and a 200 day simple moving average of $63.82.

Hedge Funds Weigh In On General American Investors

Several hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its holdings in shares of General American Investors by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,775 shares of the investment management company's stock worth $163,000 after buying an additional 273 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in General American Investors in the second quarter worth $169,000. Harbour Investments Inc. increased its stake in General American Investors by 10.9% in the fourth quarter. Harbour Investments Inc. now owns 3,018 shares of the investment management company's stock valued at $177,000 after acquiring an additional 297 shares during the last quarter. Quad Cities Investment Group LLC purchased a new stake in General American Investors during the second quarter valued at about $207,000. Finally, Prospera Financial Services Inc lifted its stake in General American Investors by 10.9% during the fourth quarter. Prospera Financial Services Inc now owns 4,013 shares of the investment management company's stock worth $236,000 after purchasing an additional 395 shares during the last quarter. Hedge funds and other institutional investors own 36.85% of the company's stock.

General American Investors Company Profile

General American Investors Company, Inc is a publicly traded closed-end investment company that seeks long-term capital appreciation through investments in a diversified portfolio of securities. The company's shares trade on the New York Stock Exchange under the symbol GAM.

Founded in 1927, General American Investors is one of the oldest closed-end investment companies in the United States. Its portfolio has historically included common stocks, convertible securities and other investments, with an emphasis on identifying companies that may offer attractive long-term growth potential.

The company invests primarily in publicly traded businesses across a range of industries and may hold investments in both U.S.

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.