Putnam Managed (NYSE:PMM) Sees Large Increase in Short Interest

Putnam Managed (NYSE:PMM) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 206,222 shares, a growth of 395.7% from the September 30th total of 41,604 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily volume of 234,039 shares, the days-to-cover ratio is currently 0.9 days.

Putnam Managed Stock Up 0.4%

Shares of PMM traded up $0.03 during trading hours on Tuesday, hitting $6.08. The company had a trading volume of 123,270 shares, compared to its average volume of 114,203. Putnam Managed has a 52-week low of $5.39 and a 52-week high of $6.60. The stock’s 50 day moving average price is $5.92 and its 200 day moving average price is $6.20.

Putnam Managed Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be given a dividend of $0.0330 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a yield of 6.5%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PMM. Robinson Capital Management LLC lifted its position in Putnam Managed by 34.4% during the second quarter. Robinson Capital Management LLC now owns 423,151 shares of the company’s stock valued at $2,767,000 after buying an additional 108,212 shares during the period. Van ECK Associates Corp raised its holdings in Putnam Managed by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 399,438 shares of the company’s stock worth $2,612,000 after acquiring an additional 38,113 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Putnam Managed by 18.9% during the first quarter. Royal Bank of Canada now owns 109,662 shares of the company’s stock valued at $674,000 after purchasing an additional 17,468 shares in the last quarter. Jupiter Wealth Management LLC bought a new position in Putnam Managed during the 2nd quarter valued at about $131,000. Finally, NWF Advisory Services Inc. purchased a new stake in Putnam Managed in the first quarter worth approximately $123,000. Institutional investors own 13.54% of the company’s stock.

About Putnam Managed

Putnam Managed Municipal Income Trust (NYSE: PMM) is a closed-end management investment company that seeks to provide current income that is exempt from regular federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other governmental entities in the United States.

The portfolio may include a range of tax-exempt bonds used to finance public infrastructure and essential services, such as schools, transportation systems, utilities and health care facilities.