Special Opportunities Fund, Inc. (NYSE:SPE) Sees Large Growth in Short Interest

Key Points

• Short interest surged 136.2% to 20,043 shares as of July 15, up from 8,487 shares at the end of June. Short interest represents 0.2% of outstanding shares, with a 0.6-day days-to-cover ratio.
• Institutional investors increased their positions, including Cetera Investment Advisers, Raymond James Financial, NBC Securities, and First Manhattan. Institutions collectively own 35.6% of Special Opportunities Fund.
• SPE shares opened at $13.32, near their 52-week low of $13.02, while the fund announced a monthly dividend of $0.1087 per share, representing a 9.8% annualized yield.

Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report) saw a significant increase in short interest in July. As of July 15th, there was short interest totaling 20,043 shares, an increase of 136.2% from the June 30th total of 8,487 shares. Currently, 0.2% of the company's shares are short sold. Based on an average trading volume of 35,434 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Investors Weigh In On Special Opportunities Fund

A number of large investors have recently modified their holdings of the stock. Cetera Investment Advisers raised its stake in Special Opportunities Fund by 19.5% in the second quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund's stock worth $362,000 after buying an additional 3,811 shares in the last quarter. Raymond James Financial Inc. grew its holdings in shares of Special Opportunities Fund by 7.2% during the 2nd quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund's stock worth $483,000 after acquiring an additional 2,082 shares during the period. Scotia Capital Inc. raised its position in shares of Special Opportunities Fund by 1.2% in the 3rd quarter. Scotia Capital Inc. now owns 107,016 shares of the closed-end fund's stock worth $1,659,000 after acquiring an additional 1,270 shares in the last quarter. NBC Securities Inc. raised its position in shares of Special Opportunities Fund by 21.8% in the 4th quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund's stock worth $290,000 after acquiring an additional 3,539 shares in the last quarter. Finally, First Manhattan CO. LLC. lifted its stake in shares of Special Opportunities Fund by 27.0% in the 4th quarter. First Manhattan CO. LLC. now owns 40,010 shares of the closed-end fund's stock valued at $620,000 after purchasing an additional 8,500 shares during the period. Institutional investors own 35.60% of the company's stock.

Special Opportunities Fund Stock Up 1.8%

Shares of SPE stock opened at $13.32 on Tuesday. The stock has a fifty day moving average of $13.62 and a 200 day moving average of $14.18. Special Opportunities Fund has a 52 week low of $13.02 and a 52 week high of $15.98.

Special Opportunities Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be given a $0.1087 dividend. This represents a c) annualized dividend and a dividend yield of 9.8%. The ex-dividend date of this dividend is Tuesday, September 22nd.

About Special Opportunities Fund

Special Opportunities Fund NYSE: SPE is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund's flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.

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