The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Significant Growth in Short Interest

26 Oct 2024, 15:46 by Sarita Garza · The Markets Daily

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV – Get Free Report) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,500 shares, an increase of 1,000.0% from the September 30th total of 500 shares. Based on an average daily trading volume, of 56,700 shares, the short-interest ratio is presently 0.1 days.

The Gabelli Convertible and Income Securities Fund Price Performance

Shares of GCV traded up $0.02 during mid-day trading on Friday, reaching $3.71. The company’s stock had a trading volume of 27,467 shares, compared to its average volume of 48,446. The Gabelli Convertible and Income Securities Fund has a 1 year low of $3.15 and a 1 year high of $4.34. The business has a fifty day moving average of $3.82 and a 200 day moving average of $3.70.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 16th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.48 annualized dividend and a dividend yield of 12.94%.

Insider Activity at The Gabelli Convertible and Income Securities Fund

In related news, insider Mario J. Gabelli sold 8,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the transaction, the insider now owns 1,092,000 shares of the company’s stock, valued at $4,368,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 14,093 shares of company stock valued at $54,846 in the last quarter. Insiders own 0.78% of the company’s stock.

Institutional Investors Weigh In On The Gabelli Convertible and Income Securities Fund

Hedge funds and other institutional investors have recently made changes to their positions in the company. M&R Capital Management Inc. increased its holdings in shares of The Gabelli Convertible and Income Securities Fund by 316.9% during the 3rd quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company’s stock valued at $29,000 after acquiring an additional 5,904 shares during the last quarter. Hoylecohen LLC acquired a new stake in shares of The Gabelli Convertible and Income Securities Fund in the second quarter worth $128,000. Cornerstone Advisors LLC boosted its holdings in shares of The Gabelli Convertible and Income Securities Fund by 53.0% during the 1st quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock worth $95,000 after buying an additional 8,897 shares during the period. PFG Advisors raised its holdings in The Gabelli Convertible and Income Securities Fund by 3.8% in the 1st quarter. PFG Advisors now owns 87,262 shares of the investment management company’s stock worth $324,000 after acquiring an additional 3,185 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in The Gabelli Convertible and Income Securities Fund by 91.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock worth $90,000 after acquiring an additional 11,597 shares during the last quarter. 23.40% of the stock is owned by hedge funds and other institutional investors.

About The Gabelli Convertible and Income Securities Fund

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