Templeton Dragon Fund, Inc. (NYSE:TDF) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 55.5% to 7,016 shares as of September 15, down from 15,760 shares at the end of August. Short interest represents 0.0% of shares outstanding, with a days-to-cover ratio of 0.2.
• Institutional investors hold 47.2% of TDF; several major investors recently initiated or increased positions, including Allspring Global Investments, which raised its stake by 14.0%.
• TDF shares traded at $9.67, near the stock’s one-year low, while the fund declared a quarterly dividend of $0.15 per share, equivalent to a 6.2% annualized yield.

Templeton Dragon Fund, Inc. (NYSE:TDF - Get Free Report) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totaling 7,016 shares, a decline of 55.5% from the August 31st total of 15,760 shares. Based on an average daily volume of 44,938 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.0% of the shares of the stock are sold short.

Institutional Trading of Templeton Dragon Fund

Several large investors have recently added to or reduced their stakes in TDF. Public Employees Retirement System of Ohio acquired a new position in shares of Templeton Dragon Fund in the 2nd quarter valued at $6,574,000. Bank of America Corp DE purchased a new stake in Templeton Dragon Fund in the 2nd quarter valued at about $3,107,000. Allspring Global Investments Holdings LLC lifted its position in Templeton Dragon Fund by 14.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,942,433 shares of the financial services provider's stock valued at $20,609,000 after buying an additional 238,581 shares during the last quarter. 1607 Capital Partners LLC lifted its position in Templeton Dragon Fund by 50.9% in the fourth quarter. 1607 Capital Partners LLC now owns 163,411 shares of the financial services provider's stock valued at $1,840,000 after buying an additional 55,093 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in Templeton Dragon Fund during the second quarter worth about $184,000. 47.20% of the stock is currently owned by hedge funds and other institutional investors.

Templeton Dragon Fund Price Performance

Shares of NYSE TDF traded down $0.12 during mid-day trading on Monday, reaching $9.67. The company's stock had a trading volume of 57,479 shares, compared to its average volume of 71,964. The stock has a 50-day moving average of $10.65 and a two-hundred day moving average of $10.86. Templeton Dragon Fund has a 1-year low of $9.67 and a 1-year high of $12.20.

Templeton Dragon Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 23rd will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend is Wednesday, September 23rd.

Templeton Dragon Fund Company Profile

Templeton Dragon Fund, Inc is a closed-end investment company that seeks long-term capital appreciation by investing primarily in equity securities of companies connected to the People's Republic of China. The fund's portfolio may include companies domiciled in mainland China as well as businesses listed or operating in other markets that derive a substantial portion of their revenues or assets from China.

The fund provides investors with access to a diversified portfolio of Chinese companies across multiple industries.

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