Central Securities Corp. (NYSEAMERICAN: CET – Get a rating) benefited from a significant drop in short-term interest rates in May. As of May 31, there was short interest totaling 1,500 shares, down 76.2% from the May 15 total of 6,300 shares. Based on an average daily trading volume of 22,100 shares, the short-term interest rate ratio is currently 0.1 day.
TEC action traded down $1.15 in Friday’s trading, hitting $36.27. 24,911 shares of the company were traded, against an average volume of 18,665. Central Securities has a 52-week low of $36.05 and a 52-week high of $45.14.
The company also recently announced a semi-annual dividend, which will be paid on Friday, June 24. Investors of record on Monday, June 13 will receive a dividend of $0.20 per share. This represents a return of 2.2%. The ex-date of this dividend is Friday, June 10.
A number of hedge funds have recently increased or reduced their holdings in the stock. Stolper Co bought a new stake in shares of Central Securities in the fourth quarter worth about $210,000. Stephens Inc. AR bought a new stake in shares of Central Securities in the fourth quarter, valued at around $262,000. 6 Meridian increased its holdings of Central Securities shares by 59.3% in the fourth quarter. 6 Meridian now owns 24,707 shares of the company valued at $1,101,000 after buying 9,200 additional shares in the last quarter. Shepherd Kaplan Krochuk LLC increased its holdings of Central Securities shares by 5.3% in the fourth quarter. Shepherd Kaplan Krochuk LLC now owns 15,990 shares of the company valued at $713,000 after purchasing an additional 800 shares last quarter. Finally, Quad Cities Investment Group LLC increased its equity stake in Central Securities by 8.9% in the fourth quarter. Quad Cities Investment Group LLC now owns 15,083 shares of the company valued at $672,000 after purchasing an additional 1,227 shares in the last quarter. 9.80% of the shares are currently held by hedge funds and other institutional investors.
About Central Securities (Get a rating)
Central Securities Corp. is a publicly held investment manager. The company invests in the public stock markets of the United States. It also invests in bonds, convertible bonds, preferred stocks, convertible preferred stocks, warrants, real estate options or short-term bonds of governments, banks and corporations.
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