Special Opportunities Fund (NYSE:SPE) Shares Cross Below 200 Day Moving Average - Time to Sell?

Key Points

• Special Opportunities Fund shares fell below their 200-day moving average, trading as low as $13.55 versus the average of $14.04, while last changing hands at $13.59 on volume of 8,138 shares.
• The fund declared a monthly dividend of $0.1087 per share, payable September 30 to shareholders of record September 22, representing a reported annualized yield of 9.6%.
• Institutional investors own 35.6% of the fund, with several firms increasing their positions. SPE invests across debt and equity securities, focusing on special situations, distressed credit and event-driven opportunities.

Shares of Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $14.04 and traded as low as $13.55. Special Opportunities Fund shares last traded at $13.59, with a volume of 8,138 shares changing hands.

Special Opportunities Fund Stock Up 0.4%

The company's 50 day simple moving average is $13.47 and its two-hundred day simple moving average is $14.04.

Special Opportunities Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be paid a dividend of $0.1087 per share. This represents a c) annualized dividend and a dividend yield of 9.6%. The ex-dividend date is Tuesday, September 22nd.

Institutional Investors Weigh In On Special Opportunities Fund

A number of large investors have recently bought and sold shares of SPE. First Manhattan CO. LLC. increased its stake in shares of Special Opportunities Fund by 27.0% in the fourth quarter. First Manhattan CO. LLC. now owns 40,010 shares of the closed-end fund's stock worth $620,000 after acquiring an additional 8,500 shares during the period. Cetera Investment Advisers boosted its position in Special Opportunities Fund by 19.4% in the 4th quarter. Cetera Investment Advisers now owns 38,001 shares of the closed-end fund's stock worth $558,000 after purchasing an additional 6,175 shares in the last quarter. Scotia Capital Inc. increased its holdings in shares of Special Opportunities Fund by 1.2% during the 3rd quarter. Scotia Capital Inc. now owns 107,016 shares of the closed-end fund's stock valued at $1,659,000 after purchasing an additional 1,270 shares in the last quarter. Raymond James Financial Inc. grew its position in Special Opportunities Fund by 7.2% during the second quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund's stock valued at $483,000 after buying an additional 2,082 shares during the period. Finally, Patron Partners LLC acquired a new position in shares of Special Opportunities Fund in the second quarter worth about $192,000. Hedge funds and other institutional investors own 35.60% of the company's stock.

Special Opportunities Fund Company Profile

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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