Putnam Managed (NYSE:PMM) Stock Jumps 1.6% – What’s Next?

Putnam Managed (NYSE:PMM) shares shot up 1.6% on Thursday. The company traded as high as $6.04 and last traded at $6.0350. Approximately 130,721 shares were traded during trading, a decline of 43% from the average session volume of 230,543 shares. The stock had previously closed at $5.94.

Putnam Managed Stock Down 1.4%

The business’s 50 day moving average price is $5.92 and its 200-day moving average price is $6.17.

Putnam Managed Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be given a dividend of $0.0330 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 6.7%.

Institutional Trading of Putnam Managed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMM. Robinson Capital Management LLC lifted its stake in Putnam Managed by 34.4% during the 2nd quarter. Robinson Capital Management LLC now owns 423,151 shares of the company’s stock worth $2,767,000 after acquiring an additional 108,212 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Putnam Managed by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 399,438 shares of the company’s stock valued at $2,612,000 after acquiring an additional 38,113 shares during the period. Jupiter Wealth Management LLC purchased a new position in Putnam Managed during the 2nd quarter valued at about $131,000. NWF Advisory Services Inc. acquired a new position in Putnam Managed in the 1st quarter valued at about $123,000. Finally, Royal Bank of Canada grew its holdings in shares of Putnam Managed by 18.9% in the first quarter. Royal Bank of Canada now owns 109,662 shares of the company’s stock valued at $674,000 after purchasing an additional 17,468 shares in the last quarter. Hedge funds and other institutional investors own 13.54% of the company’s stock.

Putnam Managed Company Profile

Putnam Managed Municipal Income Trust (NYSE: PMM) is a closed-end management investment company that seeks to provide current income that is exempt from regular federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other governmental entities in the United States.

The portfolio may include a range of tax-exempt bonds used to finance public infrastructure and essential services, such as schools, transportation systems, utilities and health care facilities.