ASA Gold and Precious Metals Limited (NYSE: ASA) saw significant activity on December 4, 2023, when major shareholder Saba Capital Management, L.P. acquired 15,408 shares for a total of $814,620.96. The shares were purchased at an average price of $52.87 each, increasing Saba Capital’s stake in the company to 5,289,254 shares, valued at approximately $279,642,858.98. This transaction represents a 0.29% increase in their overall position.
The acquisition was duly reported in a filing with the Securities and Exchange Commission (SEC), as required for shareholders owning 10% or more of a company’s shares. This regulatory compliance underscores the transparency expected in such significant financial activities.
Market Response and Share Performance
Following the transaction, shares of ASA Gold and Precious Metals traded down by 0.9%, closing at $52.50 on Monday, with a total of 9,731 shares exchanged. This volume was notably lower than the average of 94,292 shares typically traded. The company’s 50-day moving average stands at $48.03, while its 200-day moving average is $39.55. Over the past year, the stock has fluctuated between a low of $19.37 and a high of $54.69.
Analyst Ratings and Institutional Dynamics
In a separate development, Weiss Ratings reaffirmed a “buy (B+)” rating for ASA Gold and Precious Metals shares in a report released on December 1, 2023. Currently, data from MarketBeat.com indicates a consensus “Buy” rating from analysts, highlighting confidence in the company’s growth potential.
Recent institutional activity shows a mix of buying and selling among hedge funds. For instance, Atria Wealth Solutions Inc. entered a new position worth approximately $235,000 in the first quarter. Meanwhile, Sprott Inc. increased its holdings by 74.9%, acquiring an additional 120,000 shares, bringing its total to 280,183 shares valued at around $8,445,000.
Other notable movements include Walleye Capital LLC, which raised its position by 43.4%, now holding 24,530 shares worth $739,000, and Sessa Capital IM L.P., which increased its stake by 56.3% to 1,050,000 shares, valued at $31,647,000.
The recent trading activities reflect a dynamic market environment for ASA Gold and Precious Metals Limited, as institutional investors continue to assess opportunities in the precious metals sector. As the company navigates these developments, it remains focused on its investment strategies in global equity markets, primarily targeting companies engaged in the exploration, mining, or processing of precious minerals.
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