The India Fund, Inc. (NYSE:IFN – Get Rating) was the recipient of a large growth in short interest in May. As of May 31st, there was short interest totalling 40,800 shares, a growth of 151.9% from the May 15th total of 16,200 shares. Based on an average daily volume of 106,200 shares, the days-to-cover ratio is currently 0.4 days.
Shares of IFN stock traded down $0.27 on Friday, hitting $16.95. The company had a trading volume of 57,952 shares, compared to its average volume of 87,998. The company has a 50-day moving average price of $17.99 and a 200-day moving average price of $19.70. The India Fund has a twelve month low of $16.45 and a twelve month high of $23.78.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Friday, May 20th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, May 19th. This represents a $2.12 annualized dividend and a dividend yield of 12.51%.
Institutional investors have recently made changes to their positions in the stock. Nwam LLC purchased a new stake in The India Fund during the 4th quarter worth approximately $220,000. Guggenheim Capital LLC purchased a new stake in The India Fund during the 4th quarter worth approximately $233,000. Royal Bank of Canada increased its stake in The India Fund by 27.7% during the 3rd quarter. Royal Bank of Canada now owns 10,734 shares of the investment management company’s stock worth $247,000 after buying an additional 2,327 shares in the last quarter. Csenge Advisory Group purchased a new stake in The India Fund during the 1st quarter worth approximately $334,000. Finally, Moors & Cabot Inc. purchased a new stake in The India Fund during the 3rd quarter worth approximately $343,000. Hedge funds and other institutional investors own 28.39% of the company’s stock.
About The India Fund (Get Rating)
The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.
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