Putnam Managed (NYSE:PMM) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Putnam Managed (NYSE:PMM)’s stock price passed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $6.19 and traded as high as $6.34. Putnam Managed shares last traded at $6.33, with a volume of 125,073 shares traded.

Putnam Managed Stock Up 2.4%

The firm’s fifty day moving average price is $5.91 and its 200-day moving average price is $6.19.

Putnam Managed Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be given a $0.0330 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date is Friday, November 20th.

Hedge Funds Weigh In On Putnam Managed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMM. Simplicity Wealth LLC bought a new position in Putnam Managed during the first quarter valued at about $74,000. NWF Advisory Services Inc. acquired a new position in Putnam Managed during the first quarter worth about $123,000. Jupiter Wealth Management LLC bought a new stake in Putnam Managed in the second quarter worth about $131,000. Fortitude Advisory Group L.L.C. raised its position in Putnam Managed by 17.2% in the second quarter. Fortitude Advisory Group L.L.C. now owns 21,429 shares of the company’s stock worth $140,000 after acquiring an additional 3,144 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Putnam Managed by 32.8% in the 1st quarter. NewEdge Advisors LLC now owns 32,419 shares of the company’s stock valued at $199,000 after acquiring an additional 8,000 shares during the last quarter. 13.54% of the stock is owned by institutional investors.

About Putnam Managed

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.