Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO) Sees Significant Growth in Short Interest

Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totaling 45,149 shares, an increase of 158.5% from the June 15th total of 17,468 shares. Based on an average trading volume of 213,546 shares, the short-interest ratio is presently 0.2 days.

Insiders Place Their Bets

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 stock was bought at an average cost of $6.88 per share, with a total value of $850,292.32. Following the purchase, the insider directly owned 5,976,204 shares of the company’s stock, valued at approximately $41,116,283.52. This trade represents a 2.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders bought 417,994 shares of company stock valued at $2,760,184.

Hedge Funds Weigh In On Highland Funds I – Highland Opportunities and Income Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HFRO. IFP Advisors Inc acquired a new stake in shares of Highland Funds I – Highland Opportunities and Income Fund in the fourth quarter worth $31,000. Summit Securities Group LLC acquired a new position in Highland Funds I – Highland Opportunities and Income Fund during the 4th quarter worth $34,000. Fifth Third Bancorp acquired a new position in Highland Funds I – Highland Opportunities and Income Fund during the 1st quarter worth $35,000. Advisory Services Network LLC bought a new stake in Highland Funds I – Highland Opportunities and Income Fund during the third quarter valued at about $52,000. Finally, K2 Principal Fund L.P. bought a new stake in Highland Funds I – Highland Opportunities and Income Fund during the fourth quarter valued at about $60,000.

Highland Funds I – Highland Opportunities and Income Fund Trading Up 0.2%

Shares of NYSE HFRO traded up $0.01 during trading hours on Wednesday, hitting $7.64. The stock had a trading volume of 86,559 shares, compared to its average volume of 139,416. Highland Funds I – Highland Opportunities and Income Fund has a 52 week low of $5.03 and a 52 week high of $7.69. The firm’s 50-day moving average price is $6.86 and its two-hundred day moving average price is $6.34.

Highland Funds I – Highland Opportunities and Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be issued a $0.0385 dividend. The ex-dividend date is Friday, July 24th. This represents a c) dividend on an annualized basis and a yield of 6.0%.

Highland Funds I – Highland Opportunities and Income Fund declared that its board has approved a stock buyback program on Tuesday, June 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

About Highland Funds I – Highland Opportunities and Income Fund

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.