First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) Sees Large Growth in Short Interest
by Mitch Edgeman · The Markets DailyFirst Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK – Get Free Report) saw a significant increase in short interest during the month of February. As of February 13th, there was short interest totaling 14,699 shares, an increase of 28.2% from the January 29th total of 11,463 shares. Based on an average daily volume of 8,932 shares, the days-to-cover ratio is currently 1.6 days. Approximately 0.4% of the company’s shares are short sold. Approximately 0.4% of the company’s shares are short sold. Based on an average daily volume of 8,932 shares, the days-to-cover ratio is currently 1.6 days.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in FNK. Equitable Holdings Inc. lifted its holdings in First Trust Mid Cap Value AlphaDEX Fund by 2.2% in the third quarter. Equitable Holdings Inc. now owns 18,464 shares of the company’s stock valued at $1,020,000 after buying an additional 406 shares during the period. Geneos Wealth Management Inc. raised its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 200.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,400 shares of the company’s stock worth $124,000 after acquiring an additional 1,600 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 39.4% in the 2nd quarter. Benjamin Edwards Inc. now owns 44,966 shares of the company’s stock worth $2,327,000 after acquiring an additional 12,702 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of First Trust Mid Cap Value AlphaDEX Fund in the 1st quarter valued at about $464,000. Finally, Total Investment Management Inc. boosted its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 1.5% during the 4th quarter. Total Investment Management Inc. now owns 1,329,591 shares of the company’s stock valued at $73,990,000 after purchasing an additional 19,423 shares in the last quarter.
First Trust Mid Cap Value AlphaDEX Fund Trading Up 0.1%
Shares of FNK opened at $59.26 on Thursday. The stock’s 50-day moving average price is $58.83 and its two-hundred day moving average price is $56.34. First Trust Mid Cap Value AlphaDEX Fund has a 12 month low of $42.68 and a 12 month high of $61.27. The company has a market capitalization of $213.34 million, a PE ratio of 10.44 and a beta of 1.08.
First Trust Mid Cap Value AlphaDEX Fund Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Friday, December 12th were issued a $0.2872 dividend. The ex-dividend date was Friday, December 12th. This is a boost from First Trust Mid Cap Value AlphaDEX Fund’s previous quarterly dividend of $0.20. This represents a $1.15 annualized dividend and a yield of 1.9%.
About First Trust Mid Cap Value AlphaDEX Fund
The First Trust Mid Cap Value AlphaDEX Fund (FNK) is an exchange-traded fund that is based on the NASDAQ AlphaDEX Mid Cap Value index. The fund tracks a mid-cap index that selects value stocks using quant methodology and applies an equal-tiered weighting scheme. FNK was launched on Apr 18, 2011 and is managed by First Trust.