The India Fund, Inc. (NYSE:IFN) Sees Large Drop in Short Interest

The India Fund, Inc. (NYSE:IFN) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 162,400 shares, a decrease of 33.6% from the February 28th total of 244,500 shares. Based on an average trading volume of 217,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.5% of the shares of the stock are sold short.

The India Fund Trading Down 0.9 %

NYSE IFN traded down $0.14 during trading hours on Friday, reaching $15.66. 88,996 shares of the stock traded hands, compared to its average volume of 189,730. The stock has a 50 day simple moving average of $15.48 and a two-hundred day simple moving average of $16.78. The India Fund has a 1 year low of $14.17 and a 1 year high of $20.83.

The India Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 21st will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 11.75%. The ex-dividend date of this dividend is Friday, February 21st.

Institutional Investors Weigh In On The India Fund

A number of institutional investors have recently made changes to their positions in the business. IHT Wealth Management LLC purchased a new position in The India Fund in the 3rd quarter worth $191,000. Rivernorth Capital Management LLC purchased a new position in shares of The India Fund in the third quarter worth about $607,000. Stifel Financial Corp increased its holdings in shares of The India Fund by 24.3% in the third quarter. Stifel Financial Corp now owns 55,049 shares of the investment management company’s stock worth $1,047,000 after buying an additional 10,764 shares during the period. EP Wealth Advisors LLC bought a new stake in shares of The India Fund in the 3rd quarter valued at about $1,264,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in The India Fund during the 3rd quarter valued at about $873,000. Hedge funds and other institutional investors own 10.76% of the company’s stock.

The India Fund Company Profile

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.