Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) Sees Significant Increase in Short Interest

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 67,300 shares, a growth of 72.6% from the February 28th total of 39,000 shares. Based on an average daily trading volume, of 67,200 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in shares of Abrdn Australia Equity Fund by 16.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,384,336 shares of the company’s stock worth $14,181,000 after purchasing an additional 485,633 shares during the period. 1607 Capital Partners LLC raised its position in shares of Abrdn Australia Equity Fund by 1.1% in the 4th quarter. 1607 Capital Partners LLC now owns 2,301,525 shares of the company’s stock valued at $9,644,000 after buying an additional 24,712 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Abrdn Australia Equity Fund by 3.8% in the 4th quarter. Cetera Investment Advisers now owns 658,538 shares of the company’s stock valued at $2,759,000 after buying an additional 24,068 shares in the last quarter. Wolverine Asset Management LLC lifted its holdings in shares of Abrdn Australia Equity Fund by 167.3% during the 4th quarter. Wolverine Asset Management LLC now owns 87,675 shares of the company’s stock worth $367,000 after acquiring an additional 54,876 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Abrdn Australia Equity Fund during the 4th quarter worth approximately $127,000.

Abrdn Australia Equity Fund Stock Performance

Shares of IAF stock traded down $0.01 on Friday, hitting $4.06. The company’s stock had a trading volume of 93,503 shares, compared to its average volume of 58,873. Abrdn Australia Equity Fund has a fifty-two week low of $3.90 and a fifty-two week high of $4.75. The business has a 50 day simple moving average of $4.20.

Abrdn Australia Equity Fund Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 21st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 11.82%.

Abrdn Australia Equity Fund Company Profile

Abrdn Australia Equity Fund Inc is a closed ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund is managed by Aberdeen Standard Investments Australia Limited. It invests in the public equity markets of Australia. The fund makes its investments in firms operating across diversified sectors.