Short Interest in The Korea Fund, Inc. (NYSE:KF) Grows By 122.9%

Key Points

• Short interest in The Korea Fund (NYSE:KF) surged 122.9% in June, rising to 7,937 shares from 3,560 shares two weeks earlier. Even so, short interest remains low at about 0.5% of shares outstanding, with a days-to-cover ratio of 0.3 days.
• KF shares fell $2.36 to $62.69 in mid-day trading on Wednesday, on volume below its average. The stock remains above its 200-day moving average of $55.66 but below its 50-day moving average of $70.86.
• Institutional ownership remains high, with 69.99% of shares held by institutional investors. Recent filings showed Saba Capital Management sharply increased its stake, while several other firms also added to their positions.

The Korea Fund, Inc. (NYSE:KF - Get Free Report) saw a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 7,937 shares, a growth of 122.9% from the June 15th total of 3,560 shares. Based on an average trading volume of 22,848 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.5% of the shares of the stock are short sold.

The Korea Fund Stock Performance

Shares of KF traded down $2.36 during mid-day trading on Wednesday, hitting $62.69. The company's stock had a trading volume of 8,269 shares, compared to its average volume of 23,883. The firm has a 50-day moving average price of $70.86 and a 200 day moving average price of $55.66. The Korea Fund has a fifty-two week low of $26.66 and a fifty-two week high of $81.94.

Institutional Trading of The Korea Fund

A number of large investors have recently added to or reduced their stakes in KF. Saba Capital Management L.P. raised its stake in The Korea Fund by 213.3% during the 1st quarter. Saba Capital Management L.P. now owns 218,139 shares of the company's stock valued at $9,794,000 after purchasing an additional 148,522 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of The Korea Fund in the fourth quarter worth $439,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of The Korea Fund in the fourth quarter worth $225,000. Cornerstone Wealth Management LLC grew its holdings in shares of The Korea Fund by 9.4% during the fourth quarter. Cornerstone Wealth Management LLC now owns 27,870 shares of the company's stock valued at $1,012,000 after buying an additional 2,385 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of The Korea Fund by 1.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 98,822 shares of the company's stock valued at $4,437,000 after buying an additional 1,433 shares in the last quarter. 69.99% of the stock is currently owned by institutional investors.

The Korea Fund Company Profile

The Korea Fund, Inc NYSE: KF is a closed-end management investment company that provides U.S. investors with focused exposure to the South Korean equity market. Established in 1953, it is one of the oldest U.S. funds dedicated to investing in Korean securities. The Fund is domiciled in Delaware and trades on the New York Stock Exchange, offering investors access to a broad range of companies operating in one of Asia's leading economies.

The Fund's primary business activity is the acquisition of common stocks and American depositary receipts issued by companies that are either domiciled in South Korea or derive a significant portion of their revenues from Korean operations.

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.