Putnam Managed (NYSE:PMM) Shares Down 0.1% - Time to Sell?

Key Points

• Putnam Managed's stock price declined by 0.1%, trading at $5.83 after changing hands for approximately 79,725 shares, which is below its average daily volume.
• The company announced an increase in its monthly dividend to $0.0265, scheduled for payment on July 31st, representing an annualized dividend yield of 5.46%.
• There has been notable interest from institutional investors, with several firms purchasing new stakes or increasing their holdings in Putnam Managed during recent quarters.

Putnam Managed (NYSE:PMM - Get Free Report)'s share price traded down 0.1% during trading on Monday . The company traded as low as $5.81 and last traded at $5.83. 79,725 shares were traded during mid-day trading, a decline of 2% from the average session volume of 81,228 shares. The stock had previously closed at $5.83.

Putnam Managed Stock Up 0.5%

The business's fifty day simple moving average is $5.90 and its 200 day simple moving average is $6.03.

Putnam Managed Increases Dividend

The firm also recently disclosed a monthly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 18th were issued a $0.0265 dividend. This is a boost from Putnam Managed's previous monthly dividend of $0.02. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend was Friday, July 18th.

Hedge Funds Weigh In On Putnam Managed

A number of hedge funds have recently added to or reduced their stakes in PMM. Raymond James Financial Inc. acquired a new position in Putnam Managed in the fourth quarter worth $2,720,000. Sit Investment Associates Inc. boosted its holdings in Putnam Managed by 130.8% in the first quarter. Sit Investment Associates Inc. now owns 515,349 shares of the company's stock worth $3,159,000 after purchasing an additional 292,037 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in Putnam Managed in the first quarter worth $1,587,000. Guggenheim Capital LLC boosted its holdings in Putnam Managed by 20.4% in the fourth quarter. Guggenheim Capital LLC now owns 712,551 shares of the company's stock worth $4,254,000 after purchasing an additional 120,948 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in Putnam Managed by 9.8% in the first quarter. Advisors Asset Management Inc. now owns 875,831 shares of the company's stock worth $5,369,000 after purchasing an additional 78,366 shares during the period. Institutional investors and hedge funds own 13.54% of the company's stock.

Putnam Managed Company Profile

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.