Special Opportunities Fund (NYSE:SPE) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Special Opportunities Fund, Inc. (NYSE:SPE) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $15.26 and traded as high as $15.48. Special Opportunities Fund shares last traded at $15.45, with a volume of 14,224 shares.

Special Opportunities Fund Stock Up 0.6%

The stock has a 50 day moving average price of $15.26 and a 200 day moving average price of $15.40.

Special Opportunities Fund Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, January 30th. Stockholders of record on Monday, December 29th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, December 29th. This is a positive change from Special Opportunities Fund’s previous monthly dividend of $0.11. This represents a c) dividend on an annualized basis and a dividend yield of 54.0%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SPE. MAI Capital Management boosted its position in Special Opportunities Fund by 38.6% during the 3rd quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund’s stock worth $81,000 after buying an additional 1,450 shares during the period. Wolverine Asset Management LLC bought a new stake in shares of Special Opportunities Fund in the third quarter worth $112,000. K2 Principal Fund L.P. lifted its holdings in Special Opportunities Fund by 18.8% during the 1st quarter. K2 Principal Fund L.P. now owns 11,878 shares of the closed-end fund’s stock worth $178,000 after buying an additional 1,878 shares during the period. TrueMark Investments LLC bought a new stake in shares of Special Opportunities Fund in the 3rd quarter valued at about $226,000. Finally, Cetera Investment Advisers increased its stake in shares of Special Opportunities Fund by 19.5% in the second quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock valued at $362,000 after buying an additional 3,811 shares during the period. Institutional investors and hedge funds own 35.60% of the company’s stock.

Special Opportunities Fund Company Profile

Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund’s flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.