PIMCO Municipal Income Fund III (NYSE:PMX) Sees Large Increase in Short Interest

PIMCO Municipal Income Fund III (NYSE:PMX) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 77,200 shares, a growth of 21.8% from the August 15th total of 63,400 shares. Based on an average daily trading volume, of 40,800 shares, the short-interest ratio is presently 1.9 days.

PMX stock opened at $12.53 on Tuesday. PIMCO Municipal Income Fund III has a twelve month low of $11.12 and a twelve month high of $13.30. The firm has a 50 day simple moving average of $12.91 and a 200-day simple moving average of $12.64.

The firm also recently disclosed a monthly dividend, which will be paid on Friday, October 1st. Shareholders of record on Monday, September 13th will be issued a $0.046 dividend. This represents a $0.55 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend is Friday, September 10th.

Institutional investors and hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of PIMCO Municipal Income Fund III by 34.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,907 shares of the investment management company’s stock valued at $48,000 after acquiring an additional 1,008 shares during the period. Gamble Jones Investment Counsel bought a new stake in shares of PIMCO Municipal Income Fund III during the first quarter valued at about $123,000. Citadel Advisors LLC bought a new stake in shares of PIMCO Municipal Income Fund III during the first quarter valued at about $132,000. Wintrust Investments LLC bought a new stake in shares of PIMCO Municipal Income Fund III during the first quarter valued at about $157,000. Finally, Cambridge Investment Research Advisors Inc. raised its stake in shares of PIMCO Municipal Income Fund III by 28.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 13,574 shares of the investment management company’s stock valued at $167,000 after purchasing an additional 3,031 shares in the last quarter.

About PIMCO Municipal Income Fund III

PIMCO Municipal Income Fund III is a closed-ended fixed income mutual fund launched and managed by Pacific Investment Management Company LLC. The fund invests in fixed income markets of the United States. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in in municipal bonds that pay interest that is exempt from federal income tax.

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