Short Interest in Special Opportunities Fund, Inc. (NYSE:SPE) Drops By 42.2%

by · The Markets Daily

Special Opportunities Fund, Inc. (NYSE:SPE – Get Free Report) was the target of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 7,371 shares, a drop of 42.2% from the May 31st total of 12,762 shares. Based on an average trading volume of 41,864 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the company’s shares are sold short.

Institutional Trading of Special Opportunities Fund

A number of institutional investors have recently modified their holdings of SPE. Detalus Advisors LLC purchased a new position in Special Opportunities Fund during the 1st quarter valued at about $144,000. First Manhattan CO. LLC. lifted its holdings in Special Opportunities Fund by 27.0% in the 4th quarter. First Manhattan CO. LLC. now owns 40,010 shares of the closed-end fund’s stock worth $620,000 after buying an additional 8,500 shares during the period. Cetera Investment Advisers raised its holdings in shares of Special Opportunities Fund by 19.4% during the fourth quarter. Cetera Investment Advisers now owns 38,001 shares of the closed-end fund’s stock valued at $558,000 after acquiring an additional 6,175 shares in the last quarter. NBC Securities Inc. lifted its stake in Special Opportunities Fund by 21.8% in the fourth quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund’s stock worth $290,000 after acquiring an additional 3,539 shares during the period. Finally, Raymond James Financial Inc. lifted its stake in Special Opportunities Fund by 7.2% in the second quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund’s stock worth $483,000 after acquiring an additional 2,082 shares during the period. 35.60% of the stock is currently owned by hedge funds and other institutional investors.

Special Opportunities Fund Stock Performance

SPE stock traded up $0.01 during midday trading on Thursday, hitting $13.52. The company had a trading volume of 19,926 shares, compared to its average volume of 43,735. Special Opportunities Fund has a 52 week low of $13.14 and a 52 week high of $15.98. The stock’s 50 day moving average price is $13.94 and its 200 day moving average price is $14.39.

Special Opportunities Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be given a $0.1087 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a dividend yield of 9.7%.

About Special Opportunities Fund

(Get Free Report)

Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund’s flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.

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