ASA Gold and Precious Metals (NYSE:ASA) Shares Gap Down – Here’s Why

ASA Gold and Precious Metals Limited (NYSE:ASA) gapped down prior to trading on Wednesday . The stock had previously closed at $66.27, but opened at $63.04. ASA Gold and Precious Metals shares last traded at $63.2050, with a volume of 3,164 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of ASA Gold and Precious Metals in a report on Friday, April 24th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy”.

ASA Gold and Precious Metals Stock Up 3.1%

The firm has a fifty day simple moving average of $67.29 and a two-hundred day simple moving average of $60.85.

ASA Gold and Precious Metals Dividend Announcement

The firm also recently declared a dividend, which will be paid on Wednesday, May 13th. Shareholders of record on Friday, May 1st will be issued a $0.04 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a dividend yield of 13.0%.

Insider Buying and Selling at ASA Gold and Precious Metals

In other ASA Gold and Precious Metals news, major shareholder Saba Capital Management, L.P. purchased 50,560 shares of the stock in a transaction on Friday, February 13th. The shares were purchased at an average price of $71.50 per share, with a total value of $3,615,040.00. Following the acquisition, the insider directly owned 5,903,701 shares in the company, valued at approximately $422,114,621.50. The trade was a 0.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders bought 337,261 shares of company stock valued at $23,476,105. Company insiders own 1.69% of the company’s stock.

Hedge Funds Weigh In On ASA Gold and Precious Metals

A number of large investors have recently modified their holdings of ASA. Saba Capital Management L.P. raised 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 valued at $321,724,000 after buying an additional 735,036 shares in the last quarter. Almitas Capital LLC purchased a new position in shares of ASA Gold and Precious Metals during the 3rd quarter valued at about $15,359,000. Landscape Capital Management L.L.C. purchased a new position in shares of ASA Gold and Precious Metals during the 3rd quarter valued at about $6,411,000. Altium Capital Management LLC purchased a new position in shares of ASA Gold and Precious Metals during the 4th quarter valued at about $3,116,000. Finally, Noble Wealth Management PBC raised its holdings in shares of ASA Gold and Precious Metals by 61.7% during the 4th quarter. Noble Wealth Management PBC now owns 73,354 shares of the investment management company’s stock valued at $4,377,000 after buying an additional 27,987 shares in the last quarter.

ASA Gold and Precious Metals Company Profile

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.