Special Opportunities Fund, Inc. (NYSE:SPE) Sees Large Decrease in Short Interest

Special Opportunities Fund, Inc. (NYSE:SPE) was the recipient of a significant drop in short interest during the month of May. As of May 15th, there was short interest totaling 25,796 shares, a drop of 44.6% from the April 30th total of 46,528 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 34,469 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Detalus Advisors LLC acquired a new position in shares of Special Opportunities Fund during the first quarter valued at about $144,000. TrueMark Investments LLC grew its holdings in shares of Special Opportunities Fund by 8.7% during the first quarter. TrueMark Investments LLC now owns 16,208 shares of the closed-end fund’s stock valued at $223,000 after buying an additional 1,293 shares during the last quarter. First Manhattan CO. LLC. grew its holdings in shares of Special Opportunities Fund by 27.0% during the fourth quarter. First Manhattan CO. LLC. now owns 40,010 shares of the closed-end fund’s stock valued at $620,000 after buying an additional 8,500 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Special Opportunities Fund by 19.4% during the fourth quarter. Cetera Investment Advisers now owns 38,001 shares of the closed-end fund’s stock valued at $558,000 after buying an additional 6,175 shares during the last quarter. Finally, NBC Securities Inc. grew its holdings in shares of Special Opportunities Fund by 21.8% during the fourth quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund’s stock valued at $290,000 after buying an additional 3,539 shares during the last quarter. 35.60% of the stock is currently owned by institutional investors and hedge funds.

Special Opportunities Fund Stock Down 0.1%

Shares of NYSE SPE traded down $0.02 during mid-day trading on Tuesday, reaching $14.01. 38,594 shares of the company’s stock traded hands, compared to its average volume of 29,803. The business has a 50-day simple moving average of $14.08 and a 200 day simple moving average of $14.64. Special Opportunities Fund has a 1-year low of $13.43 and a 1-year high of $15.98.

Special Opportunities Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.1087 per share. This represents a c) dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date is Tuesday, June 16th.

About Special Opportunities Fund

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.