Special Opportunities Fund (NYSE:SPE) Stock Price Crosses Below 200 Day Moving Average - What's Next?

Key Points

• Special Opportunities Fund shares fell below their 200-day moving average of $14.18, reaching a low of $13.02 and closing around $13.10.
• The fund announced a monthly dividend of $0.1087 per share, implying an annualized yield of approximately 10.0%; the ex-dividend date is September 22.
• Institutional ownership stands at 35.6%, with several investment firms recently increasing their positions or initiating stakes in the closed-end fund.

Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $14.18 and traded as low as $13.02. Special Opportunities Fund shares last traded at $13.10, with a volume of 52,179 shares traded.

Special Opportunities Fund Trading Down 0.5%

The company has a fifty day moving average price of $13.62 and a two-hundred day moving average price of $14.18.

Special Opportunities Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be issued a dividend of $0.1087 per share. This represents a c) annualized dividend and a yield of 10.0%. The ex-dividend date is Tuesday, September 22nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Detalus Advisors LLC bought a new stake in shares of Special Opportunities Fund during the first quarter worth $144,000. First Manhattan CO. LLC. lifted its position in 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 acquiring an additional 8,500 shares in the last quarter. Cetera Investment Advisers lifted 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 valued at $558,000 after acquiring an additional 6,175 shares in the last quarter. NBC Securities Inc. boosted its stake in 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 purchasing an additional 3,539 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in Special Opportunities Fund by 7.2% in the 2nd quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund's stock worth $483,000 after purchasing an additional 2,082 shares during the period. Institutional investors and hedge funds 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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