Special Opportunities Fund (NYSE:SPE) Shares Pass Below 200 Day Moving Average – Time to Sell?

Shares of Special Opportunities Fund, Inc. (NYSE:SPE) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.75 and traded as low as $14.26. Special Opportunities Fund shares last traded at $14.2950, with a volume of 26,468 shares changing hands.

Special Opportunities Fund Stock Performance

The stock has a 50-day simple moving average of $14.12 and a 200-day simple moving average of $14.74.

Special Opportunities Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.1087 per share. This represents a c) dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend is Tuesday, June 16th.

Institutional Investors Weigh In On Special Opportunities Fund

Institutional investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its position in 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 acquiring an additional 6,175 shares during the period. Scotia Capital Inc. grew its position in Special Opportunities Fund by 1.2% during the third quarter. Scotia Capital Inc. now owns 107,016 shares of the closed-end fund’s stock valued at $1,659,000 after acquiring an additional 1,270 shares during the period. First Manhattan CO. LLC. grew its position in 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 acquiring an additional 8,500 shares during the period. Raymond James Financial Inc. grew its position in Special Opportunities Fund by 7.2% during the second quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund’s stock valued at $483,000 after acquiring an additional 2,082 shares during the period. Finally, Detalus Advisors LLC purchased a new stake in Special Opportunities Fund during the first quarter valued at about $144,000. Hedge funds and other institutional investors 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.