Bank of America Corp DE Boosts Stake in Contango ORE, Inc. $CTGO

Bank of America Corp DE increased its stake in Contango ORE, Inc. (NYSEAMERICAN:CTGO - Free Report) by 1,908.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 207,841 shares of the company's stock after buying an additional 197,492 shares during the period. Bank of America Corp DE owned 1.24% of Contango ORE worth $3,897,000 as of its most recent SEC filing.

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Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new stake in shares of Contango ORE during the 3rd quarter worth $36,772,000. Franklin Resources Inc. boosted its position in Contango ORE by 223.2% in the third quarter. Franklin Resources Inc. now owns 726,350 shares of the company's stock valued at $18,108,000 after buying an additional 501,641 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of Contango ORE in the third quarter worth $8,531,000. Glazer Capital LLC acquired a new stake in Contango ORE during the 4th quarter worth about $8,453,000. Finally, Renaissance Technologies LLC raised its position in Contango ORE by 138.6% during the fourth quarter. Renaissance Technologies LLC now owns 128,827 shares of the company's stock valued at $3,402,000 after acquiring an additional 74,827 shares in the last quarter. 19.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Nieuwenhuyse Rick Van purchased 4,111 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was acquired at an average price of $15.24 per share, for a total transaction of $62,651.64. Following the completion of the purchase, the chief executive officer directly owned 555,251 shares of the company's stock, valued at $8,462,025.24. This trade represents a 0.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Aaron Clark sold 1,289 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $20.94, for a total value of $26,991.66. Following the transaction, the chief financial officer directly owned 54,709 shares in the company, valued at $1,145,606.46. This represents a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded shares of Contango ORE to a "hold" rating in a research report on Wednesday, May 20th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.50.

Get Our Latest Report on CTGO

Contango ORE Trading Down 5.4%

Shares of Contango ORE stock opened at $19.27 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.06. The stock's 50 day simple moving average is $17.41 and its 200-day simple moving average is $20.69. The stock has a market cap of $645.54 million, a P/E ratio of -6.55 and a beta of -0.01. Contango ORE, Inc. has a 1-year low of $14.50 and a 1-year high of $34.38.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.18. Analysts predict that Contango ORE, Inc. will post 0.4 EPS for the current fiscal year.

Contango ORE Profile

(Free Report)

Contango ORE Royalty Trust (NYSE American: CTGO) is a grantor royalty trust that holds net overriding royalty interests in oil and gas properties. As a non‐operating entity, the trust itself does not engage in exploration, drilling or production activities but instead receives a percentage of revenues generated by producing wells. This structure offers investors exposure to commodity price movements and production volumes without the direct capital expenditure or operational risks associated with upstream oil and gas companies.

The trust's assets consist primarily of royalty interests in offshore leases located on the continental shelf of the Gulf of Mexico.

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