Putnam Managed (NYSE:PMM) Sees Significant Growth in Short Interest

Key Points

• Short interest surged 395.7% to 206,222 shares as of October 15, up from 41,604 shares at the end of September. Short interest represents 0.5% of PMM’s outstanding shares, with a 0.9-day short-interest ratio.
• Institutional investors increased their exposure, including Robinson Capital Management, Van ECK Associates and Royal Bank of Canada; institutional ownership totals 13.54% of the fund.
• PMM traded at $6.08 and recently declared a monthly dividend of $0.033 per share, equivalent to an annualized $0.40 payout and a 6.5% yield.

Putnam Managed (NYSE:PMM - Get Free Report) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 206,222 shares, an increase of 395.7% from the September 30th total of 41,604 shares. Based on an average daily trading volume, of 234,039 shares, the short-interest ratio is presently 0.9 days. Currently, 0.5% of the company's shares are sold short.

Hedge Funds Weigh In On Putnam Managed

Several institutional investors have recently made changes to their positions in the stock. Robinson Capital Management LLC increased its holdings in shares of Putnam Managed by 34.4% during the second quarter. Robinson Capital Management LLC now owns 423,151 shares of the company's stock valued at $2,767,000 after acquiring an additional 108,212 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Putnam Managed by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 399,438 shares of the company's stock worth $2,612,000 after buying an additional 38,113 shares in the last quarter. NWF Advisory Services Inc. bought a new position in Putnam Managed in the 1st quarter valued at $123,000. Jupiter Wealth Management LLC bought a new position in Putnam Managed during the second quarter valued at about $131,000. Finally, Royal Bank of Canada increased its stake in shares of Putnam Managed by 18.9% during the 1st quarter. Royal Bank of Canada now owns 109,662 shares of the company's stock worth $674,000 after purchasing an additional 17,468 shares during the last quarter. Institutional investors and hedge funds own 13.54% of the company's stock.

Putnam Managed Stock Performance

NYSE PMM traded up $0.03 on Tuesday, reaching $6.08. The company had a trading volume of 123,270 shares, compared to its average volume of 114,203. The business has a 50 day moving average of $5.92 and a two-hundred day moving average of $6.20. Putnam Managed has a fifty-two week low of $5.39 and a fifty-two week high of $6.60.

Putnam Managed Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be issued a dividend of $0.0330 per share. This represents a $0.40 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date is Friday, November 20th.

About Putnam Managed

Putnam Managed Municipal Income Trust NYSE: PMM is a closed-end management investment company that seeks to provide current income that is exempt from regular federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other governmental entities in the United States.

The portfolio may include a range of tax-exempt bonds used to finance public infrastructure and essential services, such as schools, transportation systems, utilities and health care facilities.

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