The total number of short positions in Gabelli Convertible and Income Securities Fund Inc. saw a significant decrease during December, contributing to the fund’s overall positive performance. The total number of shares subject to short interest was 7,500 as of December 30. This represents a decrease of 39.0% from the total number of 12,300 shares that were subject to short interest as of December 15. The days-to-cover ratio is currently at 0.3 days, and this number is determined based on an average trading volume of 24,300 shares. The ratio is calculated as a days-to-cover ratio.
In addition, the company has just recently announced and paid out a quarterly dividend, which was done so on December 16. On Friday, December 9, $0.12 dividend payments per share were mailed out to stockholders who already had their information on file. This translates into a dividend payment of $0.48 annually, as well as a yield of 9.58 percent for the investment. As of December 8, it was considered that this dividend had been paid out in its entirety.
On Thursday, the stock of the Gabelli Convertible and Income Securities Fund began trading for the first time for $5.01. Over one year, the price of the Gabelli Convertible and Income Securities Fund ranged from a low of $4.70 to a high of $6.54. The stock price has been trading at $5.11 on a moving average basis over the past 50 days, while the price has been trading at $5.25 on a moving average basis over the last 200 days.
On Monday, December 5, an insider trader for the company, Mario J. Gabelli, sold 5,000 shares of the company’s stock. This is just one of the latest developments in this ongoing story. The sale of the stock resulted in a total transaction volume equal to $26,800.00, with the average price that each share could fetch being $5.36. Following the completion of the transaction, the corporate insider will have a total of 1,110,000 shares in the company, each of which is now valued at $5,949,600. Should you follow this link, you will be taken to the SEC filing in which the transaction was discussed in greater detail. 0.78 the company’s management and employees own a percent of the total shares in the company.
Recent times have seen increased activity from hedge funds regarding the purchase and sale of stock. Charter Oak Capital Management LLC spent approximately $29,000 during the second quarter to purchase a new stake in The Gabelli Convertible and Income Securities Fund to add to its existing holdings in that fund. This was done to add to the company’s existing holdings in the fund. CoreCap Advisors LLC spent approximately $32,000 over the second quarter to acquire an additional stake in the Gabelli Convertible and Income Securities Fund. Janney Montgomery Scott LLC increased its holdings in the Gabelli Convertible and Income Securities Fund by purchasing additional shares during the third quarter for a total investment of 111,000 dollars. The investment company Guggenheim Capital LLC put a total of $145,000 into the Gabelli Convertible and Income Securities Fund over the year’s first three months.
Last but not least, Commonwealth Equity Services LLC increased its holdings in the Gabelli Convertible and Income Securities Fund by 43.9 percent during the third quarter. This is not to say that this is the least important thing during this period. Following the acquisition of an additional 12,136 shares throughout the period in question, Commonwealth Equity Services LLC now holds 39,800 shares of the investment management company’s stock, the market value of which amounts to $197,000. Because of this, the company’s total number of shares now possesses amounts to 39,800.
The Gabelli Convertible and Income Securities Fund, Inc. is a balanced mutual fund that offers closed-end investment opportunities. Gamco Investors, Inc. was the company responsible for the fund’s launch. The fund is managed by Gabelli Funds, LLC, which is a private investment management company. In addition, it participates as an investor in the public equity and fixed-income markets. The fund intends to invest in the stock of companies engaged in a diverse range of markets to maximize their potential returns.
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