Special Opportunities Fund (NYSE:SPE) Stock Price Passes Below 200-Day Moving Average - Here's Why

Key Points

• Special Opportunities Fund (NYSE:SPE) fell below its 200-day moving average on Friday, trading as low as $13.57 versus a 200-day average of $14.25. The stock last traded at $13.5850, down about 0.4%.
• The fund announced a monthly dividend of $0.1087 per share, payable on September 30 to shareholders of record on September 22. That works out to an annualized yield of about 9.6%.
• Institutional investors have been active in the stock, with several firms increasing their stakes; 35.6% of shares are held by hedge funds and other institutions. The fund focuses on special situations, distressed credits, and event-driven opportunities across debt and equity markets.

Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $14.25 and traded as low as $13.57. Special Opportunities Fund shares last traded at $13.5850, with a volume of 28,851 shares changing hands.

Special Opportunities Fund Stock Down 0.4%

The stock has a fifty day moving average price of $13.73 and a 200 day moving average price of $14.25.

Special Opportunities Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be paid a $0.1087 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a yield of 9.6%.

Institutional Trading of Special Opportunities Fund

A number of large investors have recently made changes to their positions in the stock. Detalus Advisors LLC acquired a new position in Special Opportunities Fund during the first quarter valued at $144,000. First Manhattan CO. LLC. grew its position in Special Opportunities Fund by 27.0% during the 4th quarter. First Manhattan CO. LLC. now owns 40,010 shares of the closed-end fund's stock worth $620,000 after purchasing an additional 8,500 shares during the period. Cetera Investment Advisers raised its stake in shares of Special Opportunities Fund by 19.4% during the 4th quarter. Cetera Investment Advisers now owns 38,001 shares of the closed-end fund's stock valued at $558,000 after buying an additional 6,175 shares during the last quarter. NBC Securities Inc. raised its stake in shares of Special Opportunities Fund by 21.8% during the 4th quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund's stock valued at $290,000 after buying an additional 3,539 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in shares of 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 valued at $483,000 after buying an additional 2,082 shares during the period. 35.60% of the stock is owned by hedge funds and other institutional investors.

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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