Short Interest in First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) Decreases By 48.0%

Key Points

• Short interest in FNK fell sharply in June, dropping 48.0% to 7,883 shares as of June 30 from 15,146 shares on June 15. That amounts to about 0.2% of shares shorted and a 1.1-day days-to-cover ratio.
• The ETF traded modestly higher, rising 0.6% to $62.02 on Wednesday, near its 52-week high of $62.07. Trading volume was below average at 1,966 shares versus a typical 7,247.
• FNK paid a quarterly dividend of $0.1676 on June 30, translating to an annualized dividend of $0.67 and a 1.1% yield. The fund tracks a mid-cap value index using a quantitative, equal-tiered weighting approach.

First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK - ) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 7,883 shares, a decrease of 48.0% from the June 15th total of 15,146 shares. Based on an average daily trading volume, of 6,904 shares, the days-to-cover ratio is presently 1.1 days. Approximately 0.2% of the company's stock are short sold.

First Trust Mid Cap Value AlphaDEX Fund Trading Up 0.6%

Shares of First Trust Mid Cap Value AlphaDEX Fund stock traded up $0.40 during trading on Wednesday, hitting $62.02. 1,966 shares of the stock traded hands, compared to its average volume of 7,247. The stock's fifty day simple moving average is $60.08 and its 200 day simple moving average is $59.03. The firm has a market cap of $223.27 million, a P/E ratio of 10.44 and a beta of 0.96. First Trust Mid Cap Value AlphaDEX Fund has a 52-week low of $51.29 and a 52-week high of $62.07.

First Trust Mid Cap Value AlphaDEX Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Thursday, June 25th were issued a $0.1676 dividend. The ex-dividend date was Thursday, June 25th. This represents a $0.67 annualized dividend and a dividend yield of 1.1%.

Hedge Funds Weigh In On First Trust Mid Cap Value AlphaDEX Fund

Several institutional investors have recently bought and sold shares of FNK. Total Investment Management Inc. lifted its holdings in First Trust Mid Cap Value AlphaDEX Fund by 1.5% during the fourth quarter. Total Investment Management Inc. now owns 1,329,591 shares of the company's stock worth $73,990,000 after buying an additional 19,423 shares during the period. LPL Financial LLC increased its holdings in shares of First Trust Mid Cap Value AlphaDEX Fund by 0.9% in the 4th quarter. LPL Financial LLC now owns 132,357 shares of the company's stock valued at $7,365,000 after acquiring an additional 1,210 shares during the period. Cetera Investment Advisers raised its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 17.3% in the 1st quarter. Cetera Investment Advisers now owns 105,572 shares of the company's stock worth $6,026,000 after acquiring an additional 15,551 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 100.0% in the 4th quarter. Kingsview Wealth Management LLC now owns 65,940 shares of the company's stock worth $3,669,000 after acquiring an additional 32,970 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its stake in shares of First Trust Mid Cap Value AlphaDEX Fund by 14.1% during the 3rd quarter. Raymond James Financial Inc. now owns 57,914 shares of the company's stock worth $3,200,000 after purchasing an additional 7,175 shares during the last quarter.

First Trust Mid Cap Value AlphaDEX Fund Company Profile

The First Trust Mid Cap Value AlphaDEX Fund (FNK) is an exchange-traded fund that is based on the NASDAQ AlphaDEX Mid Cap Value index. The fund tracks a mid-cap index that selects value stocks using quant methodology and applies an equal-tiered weighting scheme. FNK was launched on Apr 18, 2011 and is managed by First Trust.

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