Special Opportunities Fund (NYSE:SPE) Stock Price Passes Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Special Opportunities Fund shares fell below their 200-day moving average of $14.11, trading as low as $13.32 and last changing hands at $13.4090.
• The fund declared a monthly dividend of $0.1087 per share, implying an annualized yield of approximately 9.7%; the ex-dividend date is September 22.
• Institutional investors increased their holdings in SPE, while hedge funds and other institutions collectively own approximately 35.6% of the fund.

Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report)'s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.11 and traded as low as $13.32. Special Opportunities Fund shares last traded at $13.4090, with a volume of 17,228 shares traded.

Special Opportunities Fund Stock Performance

The business has a 50 day moving average price of $13.53 and a two-hundred day moving average price of $14.11.

Special Opportunities Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd will be issued a dividend of $0.1087 per share. This represents a c) dividend on an annualized basis and a yield of 9.7%. The ex-dividend date is Tuesday, September 22nd.

Institutional Investors Weigh In On Special Opportunities Fund

Several institutional investors have recently added to or reduced their stakes in SPE. Cetera Investment Advisers grew its holdings in Special Opportunities Fund by 19.5% in the 2nd quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund's stock worth $362,000 after acquiring an additional 3,811 shares during the last quarter. Raymond James Financial Inc. raised its stake in shares of 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 acquiring an additional 2,082 shares during the last quarter. Scotia Capital Inc. boosted its holdings in shares of Special Opportunities Fund by 1.2% during the third quarter. Scotia Capital Inc. now owns 107,016 shares of the closed-end fund's stock worth $1,659,000 after purchasing an additional 1,270 shares during the period. NBC Securities Inc. boosted its holdings in shares of Special Opportunities Fund by 21.8% during the fourth 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, First Manhattan CO. LLC. grew 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 purchasing an additional 8,500 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source