Putnam Managed (NYSE:PMM) Sees Large Increase in Short Interest

Key Points

• Short interest in Putnam Managed jumped sharply in June, rising 206.5% to 61,814 shares as of June 30. Even so, only about 0.1% of shares are currently sold short, and the days-to-cover ratio is 0.7 days.
• The stock slipped slightly to $6.49 in Monday trading, down 0.6%, while remaining near its 52-week high of $6.55. Its recent trading range has been between $5.77 and $6.55.
• Putnam Managed announced a monthly dividend of $0.033 per share, payable August 31 to shareholders of record on August 24. That works out to an annualized yield of about 6.1%.

Putnam Managed (NYSE:PMM - Get Free Report) saw a large increase in short interest in June. As of June 30th, there was short interest totaling 61,814 shares, an increase of 206.5% from the June 15th total of 20,168 shares. Based on an average daily trading volume, of 94,554 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.1% of the shares of the stock are sold short.

Putnam Managed Trading Down 0.6%

Putnam Managed stock traded down $0.04 during mid-day trading on Monday, hitting $6.49. The stock had a trading volume of 38,691 shares, compared to its average volume of 103,017. Putnam Managed has a one year low of $5.77 and a one year high of $6.55. The firm's 50 day moving average is $6.31 and its 200 day moving average is $6.27.

Putnam Managed Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be paid a $0.033 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a c) dividend on an annualized basis and a dividend yield of 6.1%.

Institutional Trading of Putnam Managed

Several institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its holdings in Putnam Managed by 1.4% in the 4th quarter. Wells Fargo & Company MN now owns 1,111,767 shares of the company's stock worth $6,971,000 after purchasing an additional 15,203 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Putnam Managed by 78.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 1,009,350 shares of the company's stock valued at $6,329,000 after buying an additional 444,374 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Putnam Managed by 29.9% during the 4th quarter. Advisors Asset Management Inc. now owns 867,048 shares of the company's stock valued at $5,436,000 after buying an additional 199,831 shares in the last quarter. Raymond James Financial Inc. raised its position in shares of Putnam Managed by 4.1% during the third quarter. Raymond James Financial Inc. now owns 548,110 shares of the company's stock valued at $3,311,000 after buying an additional 21,509 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Putnam Managed by 23.1% during the fourth quarter. Invesco Ltd. now owns 417,901 shares of the company's stock valued at $2,620,000 after buying an additional 78,533 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 management investment company that seeks to provide current income exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.

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