Putnam Managed (NYSE:PMM) Stock Breaks Above 200-Day Moving Average - Here's What Happened

Key Points

• Putnam Managed shares rose 2.4%, trading as high as $6.34 and closing near $6.33, moving above the stock’s 200-day moving average of $6.19.
• The fund declared a monthly dividend of $0.033 per share, equivalent to approximately $0.40 annually and a 6.3% yield; the ex-dividend date is November 20.
• Several institutional investors increased their PMM holdings, while institutions and hedge funds collectively own 13.54% of the stock.

Putnam Managed (NYSE:PMM - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $6.19 and traded as high as $6.34. Putnam Managed shares last traded at $6.33, with a volume of 125,073 shares traded.

Putnam Managed Stock Up 2.4%

The firm has a 50 day simple moving average of $5.91 and a two-hundred day simple moving average of $6.19.

Putnam Managed Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be issued a $0.0330 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Friday, November 20th.

Hedge Funds Weigh In On Putnam Managed

A number of institutional investors and hedge funds have recently made changes to their positions in PMM. Robinson Capital Management LLC increased its position in shares of Putnam Managed by 34.4% in the second quarter. Robinson Capital Management LLC now owns 423,151 shares of the company's stock valued at $2,767,000 after buying an additional 108,212 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Putnam Managed by 10.5% in 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. Royal Bank of Canada grew its stake in Putnam Managed by 18.9% in the 1st quarter. Royal Bank of Canada now owns 109,662 shares of the company's stock valued at $674,000 after acquiring an additional 17,468 shares during the last quarter. Susquehanna International Group LLP grew its stake in Putnam Managed by 11.7% in the 2nd quarter. Susquehanna International Group LLP now owns 46,558 shares of the company's stock valued at $304,000 after acquiring an additional 4,875 shares during the last quarter. Finally, XML Financial LLC grew its stake in Putnam Managed by 13.4% in the 3rd quarter. XML Financial LLC now owns 53,413 shares of the company's stock valued at $291,000 after acquiring an additional 6,300 shares during the last quarter. 13.54% of the stock is owned by institutional investors and hedge funds.

Putnam Managed Company Profile

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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