ASA Gold and Precious Metals (NYSE:ASA) Shares Gap Up – Still a Buy?

Shares of ASA Gold and Precious Metals Limited (NYSE:ASA) gapped up prior to trading on Monday . The stock had previously closed at $56.68, but opened at $59.80. ASA Gold and Precious Metals shares last traded at $58.1790, with a volume of 5,955 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b)” rating on shares of ASA Gold and Precious Metals in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, ASA Gold and Precious Metals has an average rating of “Buy”.

ASA Gold and Precious Metals Stock Up 7.5%

The business has a 50 day simple moving average of $68.89 and a 200-day simple moving average of $57.74.

Insider Activity

In other news, major shareholder Saba Capital Management, L.P. acquired 50,560 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average cost of $71.50 per share, for a total transaction of $3,615,040.00. Following the completion of the transaction, the insider owned 5,903,701 shares in the company, valued at approximately $422,114,621.50. This trade represents a 0.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought a total of 511,988 shares of company stock valued at $35,463,315 over the last ninety days. Corporate insiders own 1.69% of the company’s stock.

Institutional Trading of ASA Gold and Precious Metals

Hedge funds have recently made changes to their positions in the company. Saba Capital Management L.P. increased its holdings in shares of ASA Gold and Precious Metals by 15.8% during the 4th quarter. Saba Capital Management L.P. now owns 5,391,713 shares of the investment management company’s stock worth $321,724,000 after buying an additional 735,036 shares during the last quarter. Almitas Capital LLC lifted its holdings in ASA Gold and Precious Metals by 14.0% in the fourth quarter. Almitas Capital LLC now owns 382,139 shares of the investment management company’s stock valued at $22,802,000 after acquiring an additional 46,797 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its position in ASA Gold and Precious Metals by 3.6% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 143,341 shares of the investment management company’s stock worth $8,553,000 after acquiring an additional 4,986 shares during the period. Landscape Capital Management L.L.C. purchased a new position in ASA Gold and Precious Metals in the third quarter worth approximately $6,411,000. Finally, Private Advisor Group LLC increased its stake in ASA Gold and Precious Metals by 3.2% during the third quarter. Private Advisor Group LLC now owns 84,157 shares of the investment management company’s stock worth $3,854,000 after acquiring an additional 2,622 shares during the last quarter.

About ASA Gold and Precious Metals

ASA Gold & Precious Metals Limited, trading on the New York Stock Exchange under the ticker ASA, is a closed-end investment company dedicated to providing shareholders with targeted exposure to the precious metals sector. Established in 1959 and domiciled in Guernsey, the company aims to combine dividend income with the potential for long-term capital appreciation by investing in a diversified suite of gold, silver, platinum and palladium assets.

The firm’s core activities involve constructing and managing a portfolio that blends equity positions in precious metals mining companies with direct holdings of physical bullion.