Special Opportunities Fund (NYSE:SPE) Shares Down 0.7% – Here’s Why

Special Opportunities Fund, Inc. (NYSE:SPE) dropped 0.7% during mid-day trading on Thursday. The stock traded as low as $12.14 and last traded at $12.1560. 56,353 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 49,761 shares. The stock had previously closed at $12.24.

Special Opportunities Fund Stock Performance

The company has a 50 day moving average of $12.64 and a two-hundred day moving average of $13.64.

Special Opportunities Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 22nd will be given a dividend of $0.1087 per share. This represents a $1.30 annualized dividend and a dividend yield of 10.7%. The ex-dividend date is Tuesday, December 22nd.

Hedge Funds Weigh In On Special Opportunities Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. acquired a new position in Special Opportunities Fund during the third quarter worth $1,188,000. Moors & Cabot Inc. acquired a new position in shares of Special Opportunities Fund during the 3rd quarter worth about $307,000. Principle Wealth Partners LLC purchased a new position in shares of Special Opportunities Fund in the 3rd quarter valued at about $126,000. SkyView Investment Advisors LLC acquired a new stake in shares of Special Opportunities Fund during the 2nd quarter worth about $44,000. Finally, Concurrent Investment Advisors LLC lifted its stake in Special Opportunities Fund by 31.0% during the second quarter. Concurrent Investment Advisors LLC now owns 94,611 shares of the closed-end fund’s stock worth $2,687,000 after purchasing an additional 22,399 shares during the last quarter. Institutional investors and hedge funds own 35.60% of the company’s stock.

About Special Opportunities Fund

Special Opportunities Fund, Inc. (NYSE:SPE) is a closed-end investment company that seeks to generate total returns through a combination of current income and capital appreciation. The fund invests primarily in other closed-end funds, business development companies and securities involved in special situations. Its investment strategy may include identifying opportunities where underlying assets trade at discounts to their perceived value, as well as participating in restructurings, mergers, liquidations and other corporate actions.