Putnam Managed (NYSE:PMM) Trading Up 0.2% – Here’s Why

Putnam Managed (NYSE:PMM)’s share price traded up 0.2% on Thursday . The company traded as high as $6.29 and last traded at $6.25. 73,163 shares were traded during mid-day trading, a decline of 25% from the average session volume of 97,265 shares. The stock had previously closed at $6.24.

Putnam Managed Stock Up 0.2%

The firm’s 50-day moving average price is $6.39 and its 200-day moving average price is $6.30.

Putnam Managed Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be paid a $0.033 dividend. The ex-dividend date is Friday, November 20th. This represents a c) dividend on an annualized basis and a dividend yield of 6.3%.

Institutional Investors Weigh In On Putnam Managed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of Putnam Managed in the fourth quarter worth about $36,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Putnam Managed during the 4th quarter valued at about $45,000. Nomura Holdings Inc. acquired a new stake in shares of Putnam Managed during the 2nd quarter worth approximately $60,000. Mesirow Financial Investment Management Inc. acquired a new stake in Putnam Managed in the fourth quarter worth $63,000. Finally, Virtu Financial LLC bought a new stake in Putnam Managed in the 3rd quarter valued at about $69,000. 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 exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.