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

Key Points

• Special Opportunities Fund, Inc. (NYSE:SPE) experienced a significant increase in short interest, rising by 122.6% in September, bringing the total to 20,700 shares.
• Institutional investors now hold 35.60% of the company's stock, with notable acquisitions including an approximately $1.68 million investment from Advisors Asset Management Inc.
• The fund has announced a monthly dividend of $0.1098 per share, scheduled to be paid on December 31st, offering an annualized yield of 8.5%.

Special Opportunities Fund, Inc. (NYSE:SPE - ) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 20,700 shares, an increase of 122.6% from the September 15th total of 9,300 shares. Based on an average daily trading volume, of 29,600 shares, the days-to-cover ratio is presently 0.7 days. Based on an average daily trading volume, of 29,600 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Investors Weigh In On Special Opportunities Fund

Large investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. bought a new stake in Special Opportunities Fund during the first quarter worth approximately $363,000. Advisors Asset Management Inc. bought a new stake in Special Opportunities Fund during the first quarter worth approximately $1,681,000. Cetera Investment Advisers bought a new stake in Special Opportunities Fund during the first quarter worth approximately $293,000. Oppenheimer & Co. Inc. boosted its position in Special Opportunities Fund by 8.8% during the first quarter. Oppenheimer & Co. Inc. now owns 24,766 shares of the closed-end fund's stock worth $372,000 after purchasing an additional 2,000 shares during the period. Finally, Scotia Capital Inc. boosted its position in Special Opportunities Fund by 10.7% during the first quarter. Scotia Capital Inc. now owns 99,215 shares of the closed-end fund's stock worth $1,490,000 after purchasing an additional 9,583 shares during the period. Institutional investors own 35.60% of the company's stock.

Special Opportunities Fund Trading Up 0.2%

Shares of NYSE SPE traded up $0.03 during trading hours on Monday, hitting $15.47. The stock had a trading volume of 26,899 shares, compared to its average volume of 27,146. The firm's 50-day moving average price is $15.57 and its two-hundred day moving average price is $15.20. Special Opportunities Fund has a 52 week low of $12.72 and a 52 week high of $15.98.

Special Opportunities Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Tuesday, December 16th will be given a dividend of $0.1098 per share. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a c) dividend on an annualized basis and a yield of 8.5%.

Special Opportunities Fund Company Profile

Special Opportunities Fund, Inc is a close-ended balanced fund of funds launched and managed by Bulldog Investors, LLC. It invests in close-ended funds investing in public equity and fixed income markets. The fund employs a combination of value, opportunistic and special situations strategies to make its investments.

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