Special Opportunities Fund, Inc. (NYSE:SPE) Sees Large Drop in Short Interest

Special Opportunities Fund, Inc. (NYSE:SPE – Get Rating) was the recipient of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 16,800 shares, a decline of 28.2% from the May 15th total of 23,400 shares. Based on an average daily trading volume, of 37,100 shares, the days-to-cover ratio is presently 0.5 days.

NYSE SPE traded down $0.25 during trading hours on Friday, hitting $12.31. 219 shares of the company were exchanged, compared to its average volume of 25,485. Special Opportunities Fund has a 52-week low of $12.51 and a 52-week high of $16.27. The company has a 50 day moving average of $13.69 and a two-hundred day moving average of $14.52.

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Tuesday, June 21st will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, June 17th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 10.72%.

In other news, Director Gerald Hellerman acquired 5,600 shares of the business’s stock in a transaction that occurred on Wednesday, April 6th. The shares were purchased at an average price of $14.79 per share, for a total transaction of $82,824.00. Following the acquisition, the director now owns 43,584 shares of the company’s stock, valued at $644,607.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 22.38% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS Group AG boosted its position in shares of Special Opportunities Fund by 13.8% in the 3rd quarter. UBS Group AG now owns 7,611 shares of the closed-end fund’s stock valued at $117,000 after purchasing an additional 922 shares during the period. Shaker Financial Services LLC acquired a new stake in shares of Special Opportunities Fund in the 4th quarter valued at about $162,000. Bank of Montreal Can acquired a new stake in shares of Special Opportunities Fund in the 1st quarter valued at about $202,000. Guggenheim Capital LLC acquired a new stake in shares of Special Opportunities Fund in the 3rd quarter valued at about $278,000. Finally, Meixler Investment Management Ltd. acquired a new stake in shares of Special Opportunities Fund in the 4th quarter valued at about $335,000. Institutional investors and hedge funds own 69.89% of the company’s stock.

About Special Opportunities Fund (Get Rating)

Special Opportunities Fund, Inc is a close-ended balanced fund of funds launched and managed by Bulldog Investors, LLC. It invests in close-ended funds investing in public equity and fixed income markets. The fund employs a combination of value, opportunistic and special situations strategies to make its investments.

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