First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) Sees Large Drop in Short Interest

First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) was the recipient of a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 7,883 shares, a decline of 48.0% from the June 15th total of 15,146 shares. Based on an average daily volume of 6,904 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.2% of the company’s shares are sold short.

First Trust Mid Cap Value AlphaDEX Fund Price Performance

NASDAQ:FNK traded up $1.25 during trading hours on Thursday, reaching $63.17. 3,400 shares of the company were exchanged, compared to its average volume of 7,229. The firm has a market cap of $227.41 million, a price-to-earnings ratio of 10.44 and a beta of 0.96. The stock has a 50 day simple moving average of $60.13 and a 200 day simple moving average of $59.06. First Trust Mid Cap Value AlphaDEX Fund has a 52-week low of $51.29 and a 52-week high of $63.17.

First Trust Mid Cap Value AlphaDEX Fund Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Thursday, June 25th were given a $0.1676 dividend. This represents a $0.67 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, June 25th.

Institutional Investors Weigh In On First Trust Mid Cap Value AlphaDEX Fund

A number of institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC purchased a new position in First Trust Mid Cap Value AlphaDEX Fund in the first quarter valued at approximately $110,000. Bessemer Group Inc. purchased a new stake in First Trust Mid Cap Value AlphaDEX Fund during the first quarter worth approximately $26,000. Kestra Advisory Services LLC increased its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 18.7% in the fourth quarter. Kestra Advisory Services LLC now owns 8,369 shares of the company’s stock worth $466,000 after acquiring an additional 1,317 shares in the last quarter. Keel Point LLC increased its position in shares of First Trust Mid Cap Value AlphaDEX Fund by 7.8% in the fourth quarter. Keel Point LLC now owns 11,757 shares of the company’s stock worth $654,000 after acquiring an additional 848 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of First Trust Mid Cap Value AlphaDEX Fund in the third quarter worth $31,000.

First Trust Mid Cap Value AlphaDEX Fund Company Profile

The First Trust Mid Cap Value AlphaDEX Fund (FNK) is an exchange-traded fund that is based on the NASDAQ AlphaDEX Mid Cap Value index. The fund tracks a mid-cap index that selects value stocks using quant methodology and applies an equal-tiered weighting scheme. FNK was launched on Apr 18, 2011 and is managed by First Trust.