Putnam Managed (NYSE:PMM – Get Free Report) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 206,222 shares, an increase of 395.7% from the September 30th total of 41,604 shares. Based on an average daily volume of 234,039 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.5% of the company’s stock are sold short.
Putnam Managed Trading Up 0.6%
Shares of PMM stock traded up $0.04 during trading on Thursday, reaching $6.14. The company’s stock had a trading volume of 88,528 shares, compared to its average volume of 114,511. Putnam Managed has a 1-year low of $5.39 and a 1-year high of $6.60. The stock’s 50-day moving average price is $5.91 and its 200 day moving average price is $6.20.
Putnam Managed Announces Dividend
The business also recently declared a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be given a $0.0330 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a yield of 6.5%.
Institutional Trading of Putnam Managed
A number of hedge funds and other institutional investors have recently bought and sold shares of PMM. Robinson Capital Management LLC raised its holdings in Putnam Managed by 34.4% during the second quarter. Robinson Capital Management LLC now owns 423,151 shares of the company’s stock worth $2,767,000 after purchasing an additional 108,212 shares in the last quarter. Allworth Financial LP lifted its position in shares of Putnam Managed by 7.7% during the 2nd quarter. Allworth Financial LP now owns 42,197 shares of the company’s stock worth $276,000 after buying an additional 3,000 shares during the last quarter. Fortitude Advisory Group L.L.C. lifted its position in shares of Putnam Managed by 17.2% during the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 21,429 shares of the company’s stock worth $140,000 after buying an additional 3,144 shares during the last quarter. Susquehanna International Group LLP boosted its holdings in shares of Putnam Managed by 11.7% in the 2nd quarter. Susquehanna International Group LLP now owns 46,558 shares of the company’s stock valued at $304,000 after buying an additional 4,875 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Putnam Managed by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 399,438 shares of the company’s stock valued at $2,612,000 after buying an additional 38,113 shares in the last quarter. 13.54% of the stock is currently owned by institutional investors and hedge funds.
About Putnam Managed
Putnam Managed Municipal Income Trust (NYSE: PMM) is a closed-end management investment company that seeks to provide current income that is exempt from regular federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other governmental entities in the United States.
The portfolio may include a range of tax-exempt bonds used to finance public infrastructure and essential services, such as schools, transportation systems, utilities and health care facilities.
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