Putnam Managed (NYSE:PMM) Trading 0.2% Higher – Time to Buy?

Putnam Managed (NYSE:PMM) rose 0.2% on Thursday . The company traded as high as $6.29 and last traded at $6.25. 73,163 shares were traded during trading, a decline of 25% from the average daily volume of 97,265 shares. The stock had previously closed at $6.24.

Putnam Managed Stock Performance

The business’s 50-day simple moving average is $6.39 and its 200 day simple moving average is $6.30.

Putnam Managed Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be issued a dividend of $0.033 per share. This represents a c) dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Friday, November 20th.

Hedge Funds Weigh In On Putnam Managed

Several hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in shares of Putnam Managed in the 4th quarter worth approximately $36,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Putnam Managed during the fourth quarter valued at approximately $45,000. Nomura Holdings Inc. bought a new stake in Putnam Managed during the second quarter worth approximately $60,000. Mesirow Financial Investment Management Inc. bought a new position in shares of Putnam Managed in the fourth quarter valued at $63,000. Finally, Virtu Financial LLC bought a new position in shares of Putnam Managed in the third quarter valued at $69,000. Institutional investors and hedge funds 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 exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.