Short Interest in Putnam Managed (NYSE:PMM) Increases By 141.6%

Key Points

• Short interest surged 141.6% to 71,396 shares as of March 13, representing about 0.2% of shares and a days-to-cover ratio of 0.7 based on average daily volume of 105,239 shares.
• Putnam Managed declared a monthly dividend of $0.0265 payable May 29 with an ex-dividend/record around May 21, implying a 5.3% annualized yield.
• PMM is a closed-end municipal income trust that manages a portfolio of investment-grade (and selectively below-investment-grade) municipal bonds to provide federally tax-exempt income, and recently traded near $6.05 within a 52‑week range of $5.66–$6.52.

Putnam Managed (NYSE:PMM - Get Free Report) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 71,396 shares, a growth of 141.6% from the February 26th total of 29,550 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily volume of 105,239 shares, the days-to-cover ratio is presently 0.7 days.

Putnam Managed Stock Performance

NYSE PMM opened at $6.05 on Thursday. Putnam Managed has a 52 week low of $5.66 and a 52 week high of $6.52. The business's fifty day simple moving average is $6.29 and its 200-day simple moving average is $6.19.

Putnam Managed Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 21st will be issued a $0.0265 dividend. This represents a c) annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Thursday, May 21st.

Hedge Funds Weigh In On Putnam Managed

Several large investors have recently bought and sold shares of the business. International Assets Investment Management LLC acquired a new position in Putnam Managed during the fourth quarter worth approximately $36,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Putnam Managed during the 4th quarter worth $45,000. Nomura Holdings Inc. acquired a new stake in shares of Putnam Managed in the second quarter valued at approximately $60,000. WealthCare Investment Partners LLC purchased a new stake in shares of Putnam Managed in the third quarter valued at $61,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in Putnam Managed during the fourth quarter worth approximately $63,000. Hedge funds and other institutional investors own 13.54% of the company's stock.

Putnam Managed Company Profile

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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