Central Securities (NYSE:CET) Sees Strong Trading Volume – Still a Buy?

Shares of Central Securities Co. (NYSE:CET) saw strong trading volume on Friday . 51,664 shares changed hands during mid-day trading, an increase of 91% from the previous session’s volume of 27,035 shares.The stock last traded at $50.5490 and had previously closed at $50.87.

Central Securities Trading Down 0.6%

The stock has a 50-day moving average price of $50.95 and a 200-day moving average price of $48.58.

Central Securities Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, November 14th will be issued a dividend of $2.45 per share. The ex-dividend date is Friday, November 14th. This represents a dividend yield of 965.0%.

Hedge Funds Weigh In On Central Securities

A number of hedge funds have recently made changes to their positions in the business. Wolverine Asset Management LLC increased its position in Central Securities by 254.7% during the first quarter. Wolverine Asset Management LLC now owns 79,881 shares of the company’s stock valued at $3,591,000 after acquiring an additional 57,358 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its holdings in Central Securities by 14.8% in the third quarter. Blue Bell Private Wealth Management LLC now owns 287,793 shares of the company’s stock valued at $14,784,000 after purchasing an additional 37,099 shares during the period. Shaker Financial Services LLC boosted its position in Central Securities by 17.1% during the second quarter. Shaker Financial Services LLC now owns 211,722 shares of the company’s stock worth $10,133,000 after acquiring an additional 30,909 shares during the last quarter. Brasada Capital Management LP acquired a new position in Central Securities in the first quarter valued at approximately $779,000. Finally, PNC Financial Services Group Inc. acquired a new position in Central Securities during the 3rd quarter worth about $537,000. Institutional investors own 8.68% of the company’s stock.

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.