First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) Sees Significant Drop in Short Interest

Key Points

• Short interest in FNK fell 80.6% from 18,267 shares on October 15 to 3,537 shares on October 30. About 0.1% of shares were short, representing 0.7 days of average trading volume.
• FNK shares fell 0.9% to $64.28 in Thursday mid-day trading, while remaining within their 52-week range of $51.98 to $65.71.
• The fund’s quarterly dividend increased to $0.2757 per share, equivalent to an annualized $1.10 and a 1.7% yield.

First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK - Get Free Report) saw a large drop in short interest during the month of October. As of October 30th, there was short interest totaling 3,537 shares, a drop of 80.6% from the October 15th total of 18,267 shares. Based on an average daily trading volume, of 5,181 shares, the short-interest ratio is presently 0.7 days. Approximately 0.1% of the shares of the company are short sold.

Hedge Funds Weigh In On First Trust Mid Cap Value AlphaDEX Fund

Large investors have recently added to or reduced their stakes in the company. Benjamin Edwards Inc. acquired a new stake in shares of First Trust Mid Cap Value AlphaDEX Fund during the third quarter worth $306,000. Private Advisor Group LLC boosted its holdings in shares of First Trust Mid Cap Value AlphaDEX Fund by 3.5% in the 3rd quarter. Private Advisor Group LLC now owns 8,560 shares of the company's stock valued at $506,000 after buying an additional 291 shares during the period. IFG Advisory LLC bought a new stake in shares of First Trust Mid Cap Value AlphaDEX Fund during the 3rd quarter valued at about $38,000. Kestra Advisory Services LLC grew its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 13.8% during the 3rd quarter. Kestra Advisory Services LLC now owns 10,661 shares of the company's stock valued at $630,000 after buying an additional 1,292 shares during the last quarter. Finally, Commonwealth Equity Services LLC bought a new stake in shares of First Trust Mid Cap Value AlphaDEX Fund during the 3rd quarter valued at about $841,000.

First Trust Mid Cap Value AlphaDEX Fund Stock Down 0.9%

Shares of FNK traded down $0.58 during mid-day trading on Thursday, hitting $64.28. The stock had a trading volume of 5,640 shares, compared to its average volume of 7,354. The company has a market cap of $241.05 million, a PE ratio of 11.34 and a beta of 0.97. The company's fifty day simple moving average is $62.33 and its two-hundred day simple moving average is $60.85. First Trust Mid Cap Value AlphaDEX Fund has a fifty-two week low of $51.98 and a fifty-two week high of $65.71.

First Trust Mid Cap Value AlphaDEX Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Thursday, September 24th were given a dividend of $0.2757 per share. The ex-dividend date of this dividend was Thursday, September 24th. This represents a $1.10 annualized dividend and a dividend yield of 1.7%. This is an increase from First Trust Mid Cap Value AlphaDEX Fund's previous quarterly dividend of $0.1676.

First Trust Mid Cap Value AlphaDEX Fund Company Profile

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.

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