Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Sees Large Increase in Short Interest

Key Points

• Short interest nearly doubled to 575,699 shares as of October 15, up 93.1% from September 30; shorted shares represented 0.3% of outstanding shares, with a 0.3-day days-to-cover ratio.
• PTY opened at $10.71, near its 52-week low of $10.56 and below its 50-day and 200-day moving averages. The fund announced a monthly dividend of $0.1188, equivalent to an annualized yield of 13.3%.
• Several institutional investors initiated or increased positions, while institutional and hedge-fund ownership totaled 10.25% of the fund.

Pimco Corporate & Income Opportunity Fund (NYSE:PTY - Get Free Report) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 575,699 shares, a growth of 93.1% from the September 30th total of 298,146 shares. Currently, 0.3% of the company's shares are short sold. Based on an average daily volume of 1,757,891 shares, the days-to-cover ratio is presently 0.3 days.

Pimco Corporate & Income Opportunity Fund Price Performance

NYSE PTY opened at $10.71 on Friday. The business has a 50 day simple moving average of $11.14 and a 200 day simple moving average of $11.93. Pimco Corporate & Income Opportunity Fund has a 52-week low of $10.56 and a 52-week high of $13.84.

Pimco Corporate & Income Opportunity Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Tuesday, October 13th will be issued a $0.1188 dividend. This represents a $1.43 dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date of this dividend is Tuesday, October 13th.

Institutional Investors Weigh In On Pimco Corporate & Income Opportunity Fund

Hedge funds have recently added to or reduced their stakes in the business. Foresight Capital Management Advisors Inc. bought a new stake in shares of Pimco Corporate & Income Opportunity Fund in the third quarter worth $36,000. Continuum Advisory LLC acquired a new position in shares of Pimco Corporate & Income Opportunity Fund during the second quarter valued at about $37,000. Ameritas Advisory Services LLC acquired a new stake in Pimco Corporate & Income Opportunity Fund in the 2nd quarter valued at $75,000. Global Retirement Partners LLC purchased a new stake in shares of Pimco Corporate & Income Opportunity Fund in the second quarter worth approximately $106,000. Finally, CoreCap Advisors LLC raised its position in Pimco Corporate & Income Opportunity Fund by 1,000.0% in the second quarter. CoreCap Advisors LLC now owns 9,900 shares of the investment management company's stock worth $119,000 after acquiring an additional 9,000 shares during the period. Institutional investors and hedge funds own 10.25% of the company's stock.

About Pimco Corporate & Income Opportunity Fund

PIMCO Corporate & Income Opportunity Fund is a closed-end management investment company listed on the New York Stock Exchange under the symbol PTY. The fund is managed by Pacific Investment Management Company LLC (PIMCO), an investment manager specializing in fixed-income and other asset classes.

The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective. It invests primarily in a diversified portfolio of corporate debt and other income-producing securities, including investment-grade and below-investment-grade bonds.

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