Central Securities (NYSE:CET) Shares Gap Down - Should You Sell?

Central Securities Co. (NYSE:CET - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $49.10, but opened at $47.02. Central Securities shares last traded at $47.02, with a volume of 2,476 shares.

Central Securities Price Performance

The company has a 50-day moving average of $46.43 and a 200-day moving average of $44.45.

Central Securities Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 15th will be given a $2.05 dividend. This represents a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Central Securities's previous semi-annual dividend of $0.20.

Insiders Place Their Bets

In other news, VP Andrew J. O'neill bought 1,080 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $46.09 per share, for a total transaction of $49,777.20. Following the completion of the acquisition, the vice president now owns 84,916 shares in the company, valued at approximately $3,913,778.44. This represents a 1.29 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John C. Hill acquired 600 shares of the stock in a transaction dated Wednesday, October 30th. The shares were purchased at an average price of $46.71 per share, for a total transaction of $28,026.00. Following the completion of the purchase, the chief executive officer now directly owns 69,296 shares in the company, valued at $3,236,816.16. The trade was a 0.87 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 10.30% of the company's stock.

Hedge Funds Weigh In On Central Securities

Several institutional investors and hedge funds have recently modified their holdings of CET. City of London Investment Management Co. Ltd. raised its stake in Central Securities by 175.9% in the first quarter. City of London Investment Management Co. Ltd. now owns 33,724 shares of the company's stock valued at $1,409,000 after purchasing an additional 21,500 shares in the last quarter. Cetera Advisors LLC acquired a new position in shares of Central Securities during the 1st quarter worth $606,000. Evanson Asset Management LLC lifted its position in shares of Central Securities by 12.4% during the 2nd quarter. Evanson Asset Management LLC now owns 5,576 shares of the company's stock worth $245,000 after buying an additional 615 shares during the last quarter. Raymond James Trust N.A. bought a new position in Central Securities in the second quarter valued at about $222,000. Finally, Essex Financial Services Inc. bought a new position in shares of Central Securities in the second quarter worth about $302,000. 8.68% of the stock is currently owned by institutional investors and hedge funds.

About Central Securities

Central Securities Corp. is a publicly owned investment manager. The firm invests in the public equity markets of the United States. It also invests on bonds, convertible bonds, preferred stocks, convertible preferred stocks, warrants, options real estate, or short-term obligations of governments, banks and corporations.