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

Key Points

• Short interest surged 82.9% to 113,037 shares as of July 15, up from 61,814 shares on June 30. About 0.3% of PMM’s shares are sold short, representing 1.3 days of average trading volume.
• PMM shares traded at $6.28, near the 200-day moving average of $6.29, with a 52-week range of $5.77 to $6.60. Institutional investors own approximately 13.54% of the trust.
• Putnam Managed declared a monthly $0.033 dividend, payable August 31 to shareholders of record August 24, implying an annualized yield of approximately 6.3%.

Putnam Managed (NYSE:PMM - Get Free Report) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 113,037 shares, an increase of 82.9% from the June 30th total of 61,814 shares. Based on an average trading volume of 89,198 shares, the short-interest ratio is currently 1.3 days. Approximately 0.3% of the shares of the stock are sold short.

Institutional Trading of Putnam Managed

Several institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC acquired a new stake in Putnam Managed during the 4th quarter valued at $36,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Putnam Managed in the 4th quarter valued at about $45,000. Nomura Holdings Inc. acquired a new position in Putnam Managed in the 2nd quarter valued at about $60,000. Mesirow Financial Investment Management Inc. purchased a new position in Putnam Managed in the 4th quarter valued at about $63,000. Finally, Virtu Financial LLC purchased a new position in Putnam Managed in the 3rd quarter valued at about $69,000. Hedge funds and other institutional investors own 13.54% of the company's stock.

Putnam Managed Stock Performance

PMM stock traded down $0.03 during midday trading on Thursday, hitting $6.28. 93,044 shares of the stock were exchanged, compared to its average volume of 100,879. The stock's 50-day moving average price is $6.37 and its 200-day moving average price is $6.29. Putnam Managed has a fifty-two week low of $5.77 and a fifty-two week high of $6.60.

Putnam Managed Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be paid a $0.033 dividend. This represents a c) dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Monday, August 24th.

About Putnam Managed

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.