PUTNAM MANAGED (NYSE:PMM) Sees Significant Drop in Short Interest

Key Points

• PUTNAM MANAGED (NYSE:PMM) experienced a significant decline in short interest, dropping by 51.1% from July 15th to July 31st, now totaling 47,400 shares.
• The company declared a dividend of $0.0265, which is set to be paid on August 29th, offering an impressive dividend yield of 537.0%.
• Institutional investors have shown increased interest in PUTNAM MANAGED, with several firms acquiring new stakes in the company during the second quarter, now owning 13.54% of its shares.

PUTNAM MANAGED (NYSE:PMM - ) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totaling 47,400 shares, adecreaseof51.1% from the July 15th total of 96,900 shares. Approximately0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 75,700 shares, the short-interest ratio is currently 0.6 days. Based on an average daily trading volume, of 75,700 shares, the short-interest ratio is currently 0.6 days. Approximately0.1% of the shares of the company are sold short.

PUTNAM MANAGED Price Performance

Shares of PMM stock opened at $5.92 on Friday. The stock has a 50 day simple moving average of $5.89 and a 200-day simple moving average of $6.00. PUTNAM MANAGED has a 12-month low of $5.66 and a 12-month high of $6.61.

PUTNAM MANAGED Announces Dividend

The company also recently declared a dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be issued a $0.0265 dividend. The ex-dividend date is Monday, August 18th. This represents a dividend yield of 537.0%.

Institutional Investors Weigh In On PUTNAM MANAGED

A number of institutional investors and hedge funds have recently modified their holdings of PMM. Duncker Streett & Co. Inc. acquired a new stake in PUTNAM MANAGED during the 2nd quarter valued at $42,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of PUTNAM MANAGED during the first quarter worth $55,000. Wealthcare Advisory Partners LLC acquired a new stake in shares of PUTNAM MANAGED during the second quarter worth $72,000. Meridian Wealth Management LLC acquired a new stake in shares of PUTNAM MANAGED during the second quarter worth $85,000. Finally, Wedbush Securities Inc. boosted its holdings in shares of PUTNAM MANAGED by 23.8% during the second quarter. Wedbush Securities Inc. now owns 15,372 shares of the company's stock worth $92,000 after purchasing an additional 2,960 shares during the last quarter. Institutional investors and hedge funds own 13.54% of the company's stock.

About PUTNAM MANAGED

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.