Putnam Managed (NYSE:PMM) Sees Significant Decrease in Short Interest

Key Points

• Short interest in Putnam Managed (NYSE:PMM) plunged 45.7% in March to 38,745 shares (about 0.1% of shares), leaving a days-to-cover ratio of 0.4.
• The trust declared a monthly dividend of $0.0265 payable May 29 (ex-dividend May 21), implying an annualized yield of about 5.1%.
• Shares traded at $6.21 (down $0.02) with a one-year range of $5.70–$6.52 and 50-/200-day simple moving averages near $6.26/$6.19.

Putnam Managed (NYSE:PMM - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 38,745 shares, a drop of 45.7% from the March 15th total of 71,396 shares. Approximately 0.1% of the company's shares are sold short. Based on an average daily trading volume, of 93,077 shares, the days-to-cover ratio is presently 0.4 days.

Putnam Managed Trading Down 0.2%

Shares of NYSE PMM traded down $0.02 during midday trading on Monday, hitting $6.21. The company's stock had a trading volume of 82,820 shares, compared to its average volume of 109,819. The business's fifty day simple moving average is $6.26 and its two-hundred day simple moving average is $6.19. Putnam Managed has a 1 year low of $5.70 and a 1 year high of $6.52.

Putnam Managed Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Thursday, May 21st will be paid a $0.0265 dividend. The ex-dividend date of this dividend is Thursday, May 21st. This represents a c) annualized dividend and a dividend yield of 5.1%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new position in Putnam Managed in the fourth quarter worth approximately $36,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Putnam Managed during the fourth quarter worth approximately $45,000. Nomura Holdings Inc. acquired a new position in shares of Putnam Managed in the 2nd quarter valued at $60,000. WealthCare Investment Partners LLC acquired a new position in shares of Putnam Managed in the 3rd quarter valued at $61,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in shares of Putnam Managed in the 4th quarter valued at $63,000. Hedge funds and other institutional investors own 13.54% of the company's stock.

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.

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