Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO) Short Interest Down 60.8% in July

Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO) saw a large decrease in short interest in July. As of July 31st, there was short interest totaling 25,673 shares, a decrease of 60.8% from the July 15th total of 65,441 shares. Based on an average daily trading volume, of 139,015 shares, the days-to-cover ratio is currently 0.2 days.

Highland Funds I – Highland Opportunities and Income Fund Price Performance

HFRO stock traded up $0.06 during trading on Friday, reaching $7.24. 91,397 shares of the stock were exchanged, compared to its average volume of 138,677. The business has a 50 day moving average price of $7.33 and a 200-day moving average price of $6.54. Highland Funds I – Highland Opportunities and Income Fund has a 1 year low of $5.47 and a 1 year high of $7.69.

Highland Funds I – Highland Opportunities and Income Fund announced that its board has approved a share buyback plan on Tuesday, June 9th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Highland Funds I – Highland Opportunities and Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be given a $0.0385 dividend. This represents a c) annualized dividend and a yield of 6.4%. The ex-dividend date is Monday, August 24th.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. purchased 123,589 shares of Highland Funds I – Highland Opportunities and Income Fund stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average price of $6.88 per share, for a total transaction of $850,292.32. Following the acquisition, the insider directly owned 5,976,204 shares in the company, valued at approximately $41,116,283.52. The trade was a 2.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders acquired 417,994 shares of company stock valued at $2,760,184.

Hedge Funds Weigh In On Highland Funds I – Highland Opportunities and Income Fund

A number of hedge funds have recently modified their holdings of the business. Calamos Advisors LLC lifted its holdings in shares of Highland Funds I – Highland Opportunities and Income Fund by 75.0% in the 1st quarter. Calamos Advisors LLC now owns 74,855 shares of the company’s stock worth $427,000 after acquiring an additional 32,079 shares during the last quarter. Arlington Capital Management Inc. raised its position in Highland Funds I – Highland Opportunities and Income Fund by 2.1% in the first quarter. Arlington Capital Management Inc. now owns 154,306 shares of the company’s stock valued at $881,000 after purchasing an additional 3,101 shares during the period. Altium Capital Management LLC raised its position in Highland Funds I – Highland Opportunities and Income Fund by 93.7% in the first quarter. Altium Capital Management LLC now owns 277,068 shares of the company’s stock valued at $1,582,000 after purchasing an additional 134,009 shares during the period. Abel Hall LLC lifted its stake in Highland Funds I – Highland Opportunities and Income Fund by 50.0% during the first quarter. Abel Hall LLC now owns 30,000 shares of the company’s stock worth $171,000 after purchasing an additional 10,000 shares in the last quarter. Finally, K2 Principal Fund L.P. purchased a new position in shares of Highland Funds I – Highland Opportunities and Income Fund during the fourth quarter worth $60,000.

Highland Funds I – Highland Opportunities and Income Fund Company Profile

Highland Funds I – Highland Opportunities and Income Fund (NYSE: HFRO) is a diversified, closed-end management investment company designed to seek total return with an emphasis on current income. The fund pursues its objective by investing primarily in a broad range of credit instruments, including senior secured loans, high-yield corporate bonds, distressed debt and other special situation opportunities. In addition to its credit allocations, HFRO may also invest in equity securities, convertible instruments and derivative instruments to hedge risk or enhance yield.

Since commencing operations in 2006, Highland Opportunities and Income Fund has employed an opportunistic, value-oriented strategy to capitalize on market dislocations and mispriced assets.