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

The India Fund, Inc. (NYSE:IFN) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 676,400 shares, a decrease of 5.8% from the March 15th total of 718,100 shares. Based on an average daily trading volume, of 158,500 shares, the days-to-cover ratio is presently 4.3 days.

The India Fund Stock Performance

Shares of IFN stock opened at $17.55 on Thursday. The firm’s 50 day moving average is $20.10 and its 200 day moving average is $18.54. The India Fund has a 12 month low of $15.12 and a 12 month high of $21.25.

The India Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 22nd were paid a dividend of $0.43 per share. This is a boost from The India Fund’s previous quarterly dividend of $0.41. This represents a $1.72 dividend on an annualized basis and a dividend yield of 9.80%. The ex-dividend date of this dividend was Wednesday, February 21st.

Institutional Trading of The India Fund

Institutional investors have recently modified their holdings of the business. National Bank of Canada FI lifted its stake in shares of The India Fund by 233.3% during the 4th quarter. National Bank of Canada FI now owns 2,000 shares of the investment management company’s stock valued at $37,000 after buying an additional 1,400 shares in the last quarter. Barclays PLC purchased a new stake in shares of The India Fund during the 1st quarter valued at approximately $94,000. Advisor Group Holdings Inc. lifted its stake in shares of The India Fund by 37.0% during the 4th quarter. Advisor Group Holdings Inc. now owns 8,869 shares of the investment management company’s stock valued at $132,000 after buying an additional 2,395 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of The India Fund by 129,287.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 10,351 shares of the investment management company’s stock valued at $172,000 after buying an additional 10,343 shares in the last quarter. Finally, Miracle Mile Advisors LLC purchased a new stake in The India Fund in the 3rd quarter worth approximately $190,000. 10.76% of the stock is currently owned by hedge funds and other institutional investors.

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.