Short Interest in Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Decreases By 35.8%

Key Points

• Short interest fell 35.8% to 7,085 shares as of August 14, down from 11,035 shares on July 30. Only 0.1% of shares are short, with a days-to-cover ratio of 0.4.
• PAI shares traded at $11.82, near the lower end of their 52-week range of $11.72 to $13.01, and below both their 50-day and 200-day moving averages.
• Institutional investors and hedge funds own 18.99% of the fund; several firms recently initiated or increased positions, including Northwestern Mutual Wealth Management and Bank of America.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - Get Free Report) was the target of a significant decrease in short interest during the month of August. As of August 14th, there was short interest totaling 7,085 shares, a decrease of 35.8% from the July 30th total of 11,035 shares. Based on an average daily volume of 16,418 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the shares of the company are short sold.

Western Asset Investment Grade Income Fund Price Performance

Shares of NYSE PAI traded down $0.06 during mid-day trading on Tuesday, hitting $11.82. 34,324 shares of the company were exchanged, compared to its average volume of 15,594. The stock has a 50 day simple moving average of $12.00 and a 200-day simple moving average of $12.16. Western Asset Investment Grade Income Fund has a 1-year low of $11.72 and a 1-year high of $13.01.

Institutional Trading of Western Asset Investment Grade Income Fund

Several hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp acquired a new position in shares of Western Asset Investment Grade Income Fund during the first quarter worth about $30,000. Kestra Advisory Services LLC acquired a new stake in Western Asset Investment Grade Income Fund in the fourth quarter valued at about $32,000. International Assets Investment Management LLC purchased a new stake in Western Asset Investment Grade Income Fund in the 4th quarter valued at approximately $71,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Western Asset Investment Grade Income Fund by 4,791.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,848 shares of the financial services provider's stock valued at $85,000 after purchasing an additional 6,708 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Western Asset Investment Grade Income Fund by 35.3% in the 4th quarter. Bank of America Corp DE now owns 8,694 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 2,267 shares in the last quarter. Institutional investors and hedge funds own 18.99% of the company's stock.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Investment Grade Income Fund NYSE: PAI is a diversified, closed-end management investment company that seeks to provide high current income with a secondary objective of capital preservation. Established in 2005, the fund invests primarily in investment-grade debt securities issued by governments, government agencies, corporate issuers and securitized products. It employs both traditional fixed-income strategies and opportunistic positions to enhance its income profile.

The fund's portfolio is broadly diversified across sectors and credit profiles, focusing on bonds rated investment-grade by major credit rating agencies.

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