The India Fund, Inc. (NYSE:IFN) Sees Significant Increase in Short Interest

The India Fund, Inc. (NYSE:IFN - Get Free Report) was the recipient of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 267,300 shares, a growth of 49.4% from the May 15th total of 178,900 shares. Currently, 0.9% of the company's shares are sold short. Based on an average daily trading volume, of 157,900 shares, the days-to-cover ratio is presently 1.7 days.

The India Fund Stock Performance

Shares of NYSE:IFN traded up $0.25 during trading on Monday, reaching $16.18. 117,996 shares of the company traded hands, compared to its average volume of 161,209. The India Fund has a 52-week low of $13.76 and a 52-week high of $19.25. The business's fifty day moving average is $15.91 and its 200-day moving average is $15.85.

The India Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.64 annualized dividend and a dividend yield of 10.14%.

Institutional Trading of The India Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IFN. Wolverine Asset Management LLC boosted its stake in shares of The India Fund by 188.4% during the 4th quarter. Wolverine Asset Management LLC now owns 109,284 shares of the investment management company's stock valued at $1,721,000 after purchasing an additional 71,390 shares in the last quarter. Transcend Capital Advisors LLC grew its holdings in shares of The India Fund by 25.7% during the 4th quarter. Transcend Capital Advisors LLC now owns 146,764 shares of the investment management company's stock worth $2,312,000 after acquiring an additional 30,000 shares during the period. Schnieders Capital Management LLC grew its holdings in shares of The India Fund by 4.2% during the 4th quarter. Schnieders Capital Management LLC now owns 32,034 shares of the investment management company's stock worth $505,000 after acquiring an additional 1,300 shares during the period. Proficio Capital Partners LLC bought a new position in shares of The India Fund in the 4th quarter worth approximately $198,000. Finally, Noble Wealth Management PBC purchased a new position in shares of The India Fund in the 4th quarter valued at approximately $49,000. Hedge funds and other institutional investors own 10.76% of the company's stock.

The India Fund Company Profile

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.

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