Putnam Managed (NYSE:PMM) Sees Significant Drop in Short Interest

Putnam Managed (NYSE:PMM) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 20,168 shares, a decline of 69.4% from the May 31st total of 65,881 shares. Currently, 0.0% of the shares of the company are sold short. Based on an average daily trading volume, of 91,067 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On Putnam Managed

Several hedge funds have recently made changes to their positions in PMM. NewEdge Advisors LLC grew its stake in Putnam Managed by 41.1% during the first quarter. NewEdge Advisors LLC now owns 34,381 shares of the company’s stock valued at $211,000 after acquiring an additional 10,014 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Putnam Managed by 55.0% during the 2nd quarter. Invesco Ltd. now owns 261,413 shares of the company’s stock valued at $1,563,000 after purchasing an additional 92,727 shares during the last quarter. Raymond James Financial Inc. raised its position in Putnam Managed by 11.8% in the 2nd quarter. Raymond James Financial Inc. now owns 526,601 shares of the company’s stock worth $3,149,000 after purchasing an additional 55,674 shares during the period. Bank of America Corp DE raised its position in Putnam Managed by 48.1% in the 2nd quarter. Bank of America Corp DE now owns 125,252 shares of the company’s stock worth $749,000 after purchasing an additional 40,699 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in Putnam Managed in the second quarter worth $60,000. 13.54% of the stock is currently owned by hedge funds and other institutional investors.

Putnam Managed Stock Up 0.7%

Shares of Putnam Managed stock traded up $0.04 on Monday, reaching $6.42. 116,448 shares of the company traded hands, compared to its average volume of 83,812. The company has a 50 day moving average of $6.25 and a 200 day moving average of $6.24. Putnam Managed has a 52 week low of $5.77 and a 52 week high of $6.52.

Putnam Managed Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be issued a $0.033 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a c) annualized dividend and a yield of 6.2%.

Putnam Managed Company Profile

Putnam Managed Municipal Income Trust (NYSE: PMM) is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.