High Income Securities Fund (NYSE:PCF) reached a new 52-week low on Monday . The stock traded as low as $8.58 and last traded at $8.56, with a volume of 1450 shares changing hands. The stock had previously closed at $8.60.
In related news, Director Phillip Goldstein purchased 150,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was purchased at an average cost of $9.25 per share, with a total value of $1,387,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 15.38% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of PCF. Icon Advisers Inc. Co. increased its stake in High Income Securities Fund by 47.5% in the fourth quarter. Icon Advisers Inc. Co. now owns 571,911 shares of the financial services provider’s stock valued at $5,090,000 after purchasing an additional 184,238 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in High Income Securities Fund in the fourth quarter valued at $93,000. Finally, Karpus Management Inc. increased its stake in High Income Securities Fund by 9.2% in the fourth quarter. Karpus Management Inc. now owns 1,219,000 shares of the financial services provider’s stock valued at $10,849,000 after purchasing an additional 102,325 shares in the last quarter. 36.95% of the stock is owned by hedge funds and other institutional investors.
High Income Securities Fund is a closed-ended balanced income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the fixed income markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors.
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