Royce Otc Micro (NYSE:RMT) Sees Significant Growth in Short Interest

Key Points

• Short interest nearly doubled: Shares sold short rose 96.8% to 44,929 as of July 31, representing about 0.1% of outstanding shares and 0.4 days of average trading volume.
• Shares showed strong performance: RMT traded at $14.62, near its 52-week high of $14.78, while its 50-day and 200-day moving averages stood at $14.07 and $13.01, respectively.
• Dividend increased: Royce Otc Micro raised its quarterly dividend to $0.21 per share from $0.19, providing an annualized dividend of $0.84 and a 5.7% yield. An insider also purchased 4,000 shares, while institutional investors owned 34.98% of the stock.

Royce Otc Micro (NYSE:RMT - Get Free Report) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 44,929 shares, an increase of 96.8% from the July 15th total of 22,830 shares. Approximately 0.1% of the company's shares are sold short. Based on an average daily volume of 121,053 shares, the short-interest ratio is currently 0.4 days.

Royce Otc Micro Price Performance

Shares of RMT traded up $0.03 during mid-day trading on Friday, hitting $14.62. The company had a trading volume of 51,245 shares, compared to its average volume of 120,043. The business's 50-day simple moving average is $14.07 and its 200-day simple moving average is $13.01. Royce Otc Micro has a 1-year low of $9.52 and a 1-year high of $14.78.

Royce Otc Micro Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Thursday, June 11th were paid a dividend of $0.21 per share. This is an increase from Royce Otc Micro's previous quarterly dividend of $0.19. This represents a $0.84 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Thursday, June 11th.

Insider Activity at Royce Otc Micro

In other Royce Otc Micro news, insider John E. Denneen bought 4,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $13.70 per share, for a total transaction of $54,800.00. Following the completion of the purchase, the insider owned 12,232 shares of the company's stock, valued at $167,578.40. This trade represents a 48.59% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Revolve Wealth Partners LLC acquired a new position in Royce Otc Micro in the fourth quarter valued at $148,000. Royal Bank of Canada raised its holdings in shares of Royce Otc Micro by 5.2% in the 1st quarter. Royal Bank of Canada now owns 207,934 shares of the financial services provider's stock worth $1,753,000 after purchasing an additional 10,290 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Royce Otc Micro by 9.6% in the 1st quarter. NewEdge Advisors LLC now owns 30,469 shares of the financial services provider's stock valued at $257,000 after purchasing an additional 2,675 shares in the last quarter. Guggenheim Capital LLC lifted its stake in shares of Royce Otc Micro by 6.6% in the 2nd quarter. Guggenheim Capital LLC now owns 82,969 shares of the financial services provider's stock valued at $767,000 after purchasing an additional 5,122 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Royce Otc Micro by 0.5% during the 2nd quarter. Bank of America Corp DE now owns 533,966 shares of the financial services provider's stock worth $4,939,000 after purchasing an additional 2,860 shares in the last quarter. 34.98% of the stock is owned by hedge funds and other institutional investors.

About Royce Otc Micro

Royce Micro-Cap Trust, Inc NYSE: RMT is a closed-end management investment company primarily focused on micro-capitalization equity securities. The trust seeks long-term capital appreciation by investing in small U.S. companies that, due to their relatively low market values, often receive less attention from larger institutional investors.

Managed by Royce & Associates, LLC, RMT employs a fundamental, value-oriented investment strategy grounded in in-depth, bottom-up research. Portfolio managers analyze financial statements, market trends and company management to identify undervalued firms with the potential for significant growth.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source