Putnam Managed (NYSE:PMM) Stock Price Up 2.1% – Should You Buy?

Shares of Putnam Managed (NYSE:PMM) shot up 2.1% during mid-day trading on Thursday. The stock traded as high as $5.60 and last traded at $5.5550. Approximately 308,001 shares changed hands during trading, an increase of 84% from the average session volume of 167,690 shares. The stock had previously closed at $5.44.

Putnam Managed Price Performance

The stock’s 50-day simple moving average is $6.08 and its 200 day simple moving average is $6.21.

Putnam Managed Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be paid a $0.0330 dividend. The ex-dividend date is Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.1%.

Institutional Investors Weigh In On Putnam Managed

Large investors have recently bought and sold shares of the business. Robinson Capital Management LLC increased its holdings in Putnam Managed by 34.4% during the 2nd quarter. Robinson Capital Management LLC now owns 423,151 shares of the company’s stock valued at $2,767,000 after purchasing an additional 108,212 shares in the last quarter. Van ECK Associates Corp boosted its stake in Putnam Managed by 10.5% in the second quarter. Van ECK Associates Corp now owns 399,438 shares of the company’s stock worth $2,612,000 after purchasing an additional 38,113 shares in the last quarter. NWF Advisory Services Inc. bought a new stake in shares of Putnam Managed during the first quarter worth $123,000. Jupiter Wealth Management LLC bought a new stake in shares of Putnam Managed during the second quarter worth $131,000. Finally, Royal Bank of Canada grew 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 worth $674,000 after purchasing an additional 17,468 shares during the last quarter. 13.54% of the stock is currently owned by institutional investors.

About Putnam Managed

Putnam Managed is the common name used for Putnam Managed Municipal Income Trust (NYSE: PMM), a closed-end investment company managed by Putnam Investment Management. The fund seeks to provide current income that is generally exempt from federal income tax by investing primarily in municipal securities.

The portfolio may include bonds issued by states, cities, counties, public authorities and other governmental entities across the United States. These securities typically finance public projects and services such as education, transportation, utilities, health care and other infrastructure.