Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE:IGI) Sees Large Drop in Short Interest

Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE:IGI) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 4,181 shares, a drop of 48.7% from the June 15th total of 8,153 shares. Based on an average daily trading volume, of 11,103 shares, the days-to-cover ratio is presently 0.4 days.

Western Asset Investment Grade Defined Opportunity Trust Stock Performance

Shares of IGI stock remained flat at $16.02 during midday trading on Thursday. 4,106 shares of the company traded hands, compared to its average volume of 17,458. Western Asset Investment Grade Defined Opportunity Trust has a 1-year low of $15.78 and a 1-year high of $17.09. The firm has a 50 day moving average price of $16.08 and a 200 day moving average price of $16.23.

Western Asset Investment Grade Defined Opportunity Trust Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be issued a dividend of $0.071 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Monday, August 24th.

Hedge Funds Weigh In On Western Asset Investment Grade Defined Opportunity Trust

Several institutional investors and hedge funds have recently made changes to their positions in IGI. Comerica Bank lifted its holdings in Western Asset Investment Grade Defined Opportunity Trust by 58.3% during the 1st quarter. Comerica Bank now owns 1,900 shares of the company’s stock worth $32,000 after purchasing an additional 700 shares during the last quarter. Arax Advisory Partners acquired a new position in Western Asset Investment Grade Defined Opportunity Trust in the 4th quarter valued at $38,000. Stifel Financial Corp increased its position in Western Asset Investment Grade Defined Opportunity Trust by 61.8% during the 4th quarter. Stifel Financial Corp now owns 16,530 shares of the company’s stock worth $273,000 after buying an additional 6,312 shares during the period. Janney Montgomery Scott LLC increased its position in Western Asset Investment Grade Defined Opportunity Trust by 3.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 30,485 shares of the company’s stock worth $503,000 after buying an additional 1,000 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Western Asset Investment Grade Defined Opportunity Trust by 9.6% during the second quarter. Bank of America Corp DE now owns 31,205 shares of the company’s stock worth $517,000 after buying an additional 2,730 shares in the last quarter.

Western Asset Investment Grade Defined Opportunity Trust Company Profile

Western Asset Investment Grade Defined Opportunity Trust (NYSE: IGI) is a closed-end management investment company that seeks to provide high current income while preserving capital through investments primarily in investment-grade fixed-income securities. The trust pursues a total return strategy by allocating assets across a variety of debt instruments, including senior secured and unsecured corporate bonds, asset-backed securities, mortgage-backed securities and U.S. government agency obligations.

The fund’s portfolio is actively managed to capitalize on yield opportunities and manage risk, combining top-down macroeconomic analysis with bottom-up credit research.