Putnam Managed (NYSE:PMM) Stock Price Up 2.1% – What’s Next?

Shares of Putnam Managed (NYSE:PMM) traded up 2.1% during mid-day trading on Thursday. The company traded as high as $5.60 and last traded at $5.5550. Approximately 308,001 shares traded hands during trading, an increase of 84% from the average daily volume of 167,690 shares. The stock had previously closed at $5.44.

Putnam Managed Price Performance

The business has a 50 day moving average price of $6.07 and a 200 day moving average price of $6.21.

Putnam Managed Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be issued a $0.0330 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a yield of 7.0%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Robinson Capital Management LLC boosted its holdings in Putnam Managed by 34.4% in the 2nd quarter. Robinson Capital Management LLC now owns 423,151 shares of the company’s stock valued at $2,767,000 after purchasing an additional 108,212 shares during the period. Ackerman Capital Advisors LLC raised its position in shares of Putnam Managed by 60.5% during the fourth quarter. Ackerman Capital Advisors LLC now owns 37,584 shares of the company’s stock valued at $236,000 after buying an additional 14,170 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Putnam Managed by 7.7% in the second quarter. Allworth Financial LP now owns 42,197 shares of the company’s stock valued at $276,000 after buying an additional 3,000 shares during the period. Fortitude Advisory Group L.L.C. lifted its stake in shares of 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 valued at $140,000 after buying an additional 3,144 shares during the period. Finally, Van ECK Associates Corp grew its position in Putnam Managed by 10.5% during the second quarter. Van ECK Associates Corp now owns 399,438 shares of the company’s stock worth $2,612,000 after buying an additional 38,113 shares in the last quarter. 13.54% of the stock is currently owned by institutional investors and hedge funds.

About Putnam Managed

Putnam Managed is the common name used for Putnam Managed Municipal Income Trust (NYSE: PMM), a closed-end investment company managed by Putnam Investment Management. The fund seeks to provide current income that is generally exempt from federal income tax by investing primarily in municipal securities.

The portfolio may include bonds issued by states, cities, counties, public authorities and other governmental entities across the United States. These securities typically finance public projects and services such as education, transportation, utilities, health care and other infrastructure.