The Korea Fund, Inc. (NYSE:KF) Sees Significant Drop in Short Interest

The Korea Fund, Inc. (NYSE:KF) was the target of a large decline in short interest in the month of January. As of January 15th, there was short interest totaling 3,461 shares, a decline of 13.5% from the December 31st total of 4,002 shares. Currently, 0.2% of the company’s shares are short sold. Based on an average trading volume of 21,716 shares, the short-interest ratio is presently 0.2 days. Based on an average trading volume of 21,716 shares, the short-interest ratio is presently 0.2 days. Currently, 0.2% of the company’s shares are short sold.

The Korea Fund Price Performance

The Korea Fund stock traded up $2.06 during midday trading on Tuesday, hitting $47.56. 5,959 shares of the stock were exchanged, compared to its average volume of 18,366. The stock’s 50-day simple moving average is $38.44 and its 200 day simple moving average is $33.45. The Korea Fund has a fifty-two week low of $18.15 and a fifty-two week high of $48.70.

The Korea Fund Dividend Announcement

The company also recently declared an annual dividend, which was paid on Monday, January 12th. Stockholders of record on Tuesday, December 23rd were given a dividend of $0.9442 per share. This represents a dividend yield of 123.0%. The ex-dividend date of this dividend was Tuesday, December 23rd.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC purchased a new stake in The Korea Fund in the fourth quarter valued at $439,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of The Korea Fund during the 4th quarter worth about $225,000. City of London Investment Management Co. Ltd. increased its position in shares of The Korea Fund by 10.1% during the 3rd quarter. City of London Investment Management Co. Ltd. now owns 1,456,201 shares of the company’s stock worth $44,538,000 after purchasing an additional 134,103 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in The Korea Fund by 155.1% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 25,485 shares of the company’s stock valued at $779,000 after buying an additional 15,495 shares during the period. Finally, Shaker Financial Services LLC acquired a new position in The Korea Fund in the third quarter valued at about $242,000. 69.99% of the stock is currently owned by hedge funds and other institutional investors.

The Korea Fund Company Profile

The Korea Fund, Inc (NYSE: KF) is a closed-end management investment company that provides U.S. investors with focused exposure to the South Korean equity market. Established in 1953, it is one of the oldest U.S. funds dedicated to investing in Korean securities. The Fund is domiciled in Delaware and trades on the New York Stock Exchange, offering investors access to a broad range of companies operating in one of Asia’s leading economies.

The Fund’s primary business activity is the acquisition of common stocks and American depositary receipts issued by companies that are either domiciled in South Korea or derive a significant portion of their revenues from Korean operations.