The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Large Growth in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV - Get Free Report) saw a significant growth in short interest in October. As of October 15th, there was short interest totalling 5,500 shares, a growth of 1,000.0% from the September 30th total of 500 shares. Based on an average trading volume of 56,700 shares, the short-interest ratio is presently 0.1 days.

The Gabelli Convertible and Income Securities Fund Trading Up 0.9 %

Shares of GCV traded up $0.04 during midday trading on Friday, reaching $3.73. 27,405 shares of the company were exchanged, compared to its average volume of 48,446. The Gabelli Convertible and Income Securities Fund has a 1-year low of $3.15 and a 1-year high of $4.34. The stock has a 50-day moving average price of $3.82 and a 200-day moving average price of $3.70.

The Gabelli Convertible and Income Securities Fund Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Monday, September 16th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 12.89%. The ex-dividend date was Monday, September 16th.

Insider Activity

In related news, insider Mario J. Gabelli sold 8,000 shares of the company's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the sale, the insider now directly owns 1,092,000 shares of the company's stock, valued at approximately $4,368,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 14,093 shares of company stock valued at $54,846. Company insiders own 0.78% of the company's stock.

Institutional Trading of The Gabelli Convertible and Income Securities Fund

Several large investors have recently bought and sold shares of the company. M&R Capital Management Inc. boosted its stake in shares of The Gabelli Convertible and Income Securities Fund by 316.9% in the third quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company's stock valued at $29,000 after purchasing an additional 5,904 shares during the period. Hoylecohen LLC purchased a new position in The Gabelli Convertible and Income Securities Fund in the 2nd quarter valued at about $128,000. Cornerstone Advisors LLC grew its stake in shares of The Gabelli Convertible and Income Securities Fund by 53.0% during the first quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company's stock valued at $95,000 after acquiring an additional 8,897 shares in the last quarter. PFG Advisors increased its position in shares of The Gabelli Convertible and Income Securities Fund by 3.8% during the first quarter. PFG Advisors now owns 87,262 shares of the investment management company's stock worth $324,000 after acquiring an additional 3,185 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of The Gabelli Convertible and Income Securities Fund by 91.7% in the first quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company's stock worth $90,000 after acquiring an additional 11,597 shares in the last quarter. Institutional investors and hedge funds own 23.40% of the company's stock.

The Gabelli Convertible and Income Securities Fund Company Profile

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.