Special Opportunities Fund (NYSE:SPE) Share Price Passes Below 200-Day Moving Average – Time to Sell?

Special Opportunities Fund, Inc. (NYSE:SPE) shares crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $13.92 and traded as low as $13.51. Special Opportunities Fund shares last traded at $13.56, with a volume of 44,905 shares traded.

Special Opportunities Fund Stock Up 0.3%

The firm’s 50-day moving average price is $13.40 and its 200-day moving average price is $13.92.

Special Opportunities Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd will be given a dividend of $0.1087 per share. This represents a c) dividend on an annualized basis and a yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 22nd.

Institutional Trading of Special Opportunities Fund

Large investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its stake in shares of Special Opportunities Fund by 19.5% during the second quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock worth $362,000 after purchasing an additional 3,811 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Special Opportunities Fund by 7.2% in the second quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund’s stock worth $483,000 after buying an additional 2,082 shares during the period. Scotia Capital Inc. grew its stake in shares of Special Opportunities Fund by 1.2% in the third quarter. Scotia Capital Inc. now owns 107,016 shares of the closed-end fund’s stock valued at $1,659,000 after buying an additional 1,270 shares in the last quarter. First Manhattan CO. LLC. grew its stake in shares of Special Opportunities Fund by 27.0% in 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 in the last quarter. Finally, TrueMark Investments LLC grew its stake in shares of Special Opportunities Fund by 8.7% in 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 in the last quarter. 35.60% of the stock is currently owned by institutional investors and hedge funds.

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.