Putnam Managed (NYSE:PMM) Shares Climb 1.6% - Time to Buy?

Key Points

• Putnam Managed shares rose 1.6% to $6.035, although trading volume was 43% below the stock’s average daily volume.
• The fund declared a monthly dividend of $0.033 per share, equivalent to approximately $0.40 annually and a 6.6% yield.
• Several institutional investors increased their PMM holdings, while hedge funds and other institutions collectively own 13.54% of the company. PMM invests primarily in federally tax-exempt municipal securities.

Putnam Managed (NYSE:PMM - Get Free Report) shares traded up 1.6% during trading on Thursday. The stock traded as high as $6.04 and last traded at $6.0350. 130,721 shares changed hands during trading, a decline of 43% from the average daily volume of 230,543 shares. The stock had previously closed at $5.94.

Putnam Managed Trading Up 1.6%

The stock has a 50-day moving average price of $5.93 and a two-hundred day moving average price of $6.17.

Putnam Managed Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be paid a dividend of $0.0330 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a yield of 6.6%.

Hedge Funds Weigh In On Putnam Managed

Several institutional investors have recently added to or reduced their stakes in PMM. WealthBridge Capital Management LLC raised its holdings in shares of Putnam Managed by 7.4% during the 1st quarter. WealthBridge Capital Management LLC now owns 36,500 shares of the company's stock worth $224,000 after acquiring an additional 2,500 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Putnam Managed by 7.7% in the second quarter. Allworth Financial LP now owns 42,197 shares of the company's stock valued at $276,000 after purchasing an additional 3,000 shares in the last quarter. Fortitude Advisory Group L.L.C. grew its holdings in shares of Putnam Managed by 17.2% in the second quarter. Fortitude Advisory Group L.L.C. now owns 21,429 shares of the company's stock valued at $140,000 after purchasing an additional 3,144 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Putnam Managed by 13.3% in the first quarter. Kestra Advisory Services LLC now owns 39,476 shares of the company's stock valued at $243,000 after purchasing an additional 4,624 shares in the last quarter. Finally, Susquehanna International Group LLP increased its position in Putnam Managed by 11.7% in the second quarter. Susquehanna International Group LLP now owns 46,558 shares of the company's stock worth $304,000 after purchasing an additional 4,875 shares during the last quarter. Hedge funds and other institutional investors own 13.54% of the company's stock.

Putnam Managed Company Profile

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

Its portfolio may include general obligation bonds, revenue bonds and other tax-exempt fixed-income securities. The underlying issuers generally use proceeds from these securities to finance public infrastructure and services, such as schools, transportation systems, utilities and health care facilities.

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