Cibc World Market Inc. Makes New Investment in Seabridge Gold, Inc. $SA

Cibc World Market Inc. acquired a new stake in Seabridge Gold, Inc. (NYSE:SA) (TSE:SEA) during the second quarter, according to its most recent filing with the SEC. The firm acquired 2,043,519 shares of the basic materials company’s stock, valued at approximately $52,690,000. Cibc World Market Inc. owned about 1.90% of Seabridge Gold as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in SA. Baird Financial Group Inc. bought a new stake in shares of Seabridge Gold during the first quarter worth $122,000. Royal Bank of Canada lifted its stake in shares of Seabridge Gold by 125.3% during the first quarter. Royal Bank of Canada now owns 46,327 shares of the basic materials company’s stock valued at $541,000 after acquiring an additional 25,769 shares during the period. Geode Capital Management LLC boosted its holdings in Seabridge Gold by 9.8% in the second quarter. Geode Capital Management LLC now owns 44,686 shares of the basic materials company’s stock valued at $652,000 after acquiring an additional 3,982 shares during the last quarter. Marshall Wace LLP boosted its holdings in Seabridge Gold by 11.4% in the second quarter. Marshall Wace LLP now owns 541,886 shares of the basic materials company’s stock valued at $7,868,000 after acquiring an additional 55,262 shares during the last quarter. Finally, Nebula Research & Development LLC increased its position in Seabridge Gold by 36.4% in the second quarter. Nebula Research & Development LLC now owns 27,657 shares of the basic materials company’s stock worth $402,000 after purchasing an additional 7,374 shares during the period. 34.85% of the stock is owned by institutional investors and hedge funds.

Seabridge Gold Stock Performance

SA stock opened at $29.97 on Monday. Seabridge Gold, Inc. has a twelve month low of $23.69 and a twelve month high of $34.59. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.46. The company has a market cap of $3.23 billion, a P/E ratio of -61.92 and a beta of 0.89. The business’s fifty day moving average is $27.96 and its 200-day moving average is $30.06.

Wall Street Analyst Weigh In

SA has been the subject of several recent research reports. Weiss Ratings raised Seabridge Gold from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 18th. Wall Street Zen raised shares of Seabridge Gold from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, B. Riley Financial assumed coverage on shares of Seabridge Gold in a research report on Monday, August 3rd. They set a “buy” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Seabridge Gold currently has a consensus rating of “Reduce” and an average target price of $40.00.

About Seabridge Gold

Seabridge Gold Inc, together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for gold, copper, silver, and molybdenum deposits. The company was formerly known as Seabridge Resources Inc and changed its name to Seabridge Gold Inc in June 2002. Seabridge Gold Inc was incorporated in 1979 and is based in Toronto, Canada.