Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO – Get Free Report) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 25,673 shares, a drop of 60.8% from the July 15th total of 65,441 shares. Based on an average trading volume of 139,015 shares, the short-interest ratio is presently 0.2 days.
Highland Funds I – Highland Opportunities and Income Fund Trading Down 0.1%
NYSE HFRO opened at $7.18 on Friday. The firm’s 50 day moving average price is $7.32 and its two-hundred day moving average price is $6.53. Highland Funds I – Highland Opportunities and Income Fund has a twelve month low of $5.47 and a twelve month high of $7.69.
Highland Funds I – Highland Opportunities and Income Fund declared that its Board of Directors has authorized a share repurchase plan on Tuesday, June 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Highland Funds I – Highland Opportunities and Income Fund Announces Dividend
Insider Buying and Selling at Highland Funds I – Highland Opportunities and Income Fund
In other news, major shareholder Saba Capital Management, L.P. purchased 123,589 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average price of $6.88 per share, for a total transaction of $850,292.32. Following the completion of the acquisition, the insider directly owned 5,976,204 shares of the company’s stock, valued at $41,116,283.52. The trade was a 2.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 417,994 shares of company stock valued at $2,760,184 over the last quarter.
Institutional Investors Weigh In On Highland Funds I – Highland Opportunities and Income Fund
Hedge funds have recently bought and sold shares of the business. Saba Capital Management L.P. grew its stake in Highland Funds I – Highland Opportunities and Income Fund by 25.3% during the 4th quarter. Saba Capital Management L.P. now owns 4,674,016 shares of the company’s stock valued at $27,951,000 after acquiring an additional 944,136 shares in the last quarter. Nexpoint Asset Management L.P. grew its position in Highland Funds I – Highland Opportunities and Income Fund by 30.3% during the fourth quarter. Nexpoint Asset Management L.P. now owns 3,673,047 shares of the company’s stock valued at $21,965,000 after purchasing an additional 855,000 shares in the last quarter. Closed End Fund Advisors Inc. acquired a new position in Highland Funds I – Highland Opportunities and Income Fund in the 4th quarter valued at approximately $1,406,000. Marex Group plc lifted its position in Highland Funds I – Highland Opportunities and Income Fund by 267.5% in the 4th quarter. Marex Group plc now owns 285,112 shares of the company’s stock worth $1,705,000 after buying an additional 207,541 shares in the last quarter. Finally, Altium Capital Management LLC acquired a new stake in shares of Highland Funds I – Highland Opportunities and Income Fund during the 4th quarter valued at $855,000.
Highland Funds I – Highland Opportunities and Income Fund Company Profile
Highland Funds I – Highland Opportunities and Income Fund (NYSE: HFRO) is a diversified, closed-end management investment company designed to seek total return with an emphasis on current income. The fund pursues its objective by investing primarily in a broad range of credit instruments, including senior secured loans, high-yield corporate bonds, distressed debt and other special situation opportunities. In addition to its credit allocations, HFRO may also invest in equity securities, convertible instruments and derivative instruments to hedge risk or enhance yield.
Since commencing operations in 2006, Highland Opportunities and Income Fund has employed an opportunistic, value-oriented strategy to capitalize on market dislocations and mispriced assets.
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