Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) experienced a significant decline in short interest during December 2023. As of December 15, the total short interest dropped to just 1,345 shares, representing a staggering decrease of 80.5% from the 6,896 shares reported on November 30. Given the average trading volume of 30,605 shares, this reduction results in a short-interest ratio of 0.0 days, indicating minimal bearish sentiment among investors.
Stock Performance and Trading Activity
On December 15, shares of Western Asset Investment Grade Defined Opportunity Trust traded up by $0.01, reaching a price of $16.54. The trading volume for the day was 7,588 shares, which is lower than the average volume of 15,274. Over the past year, the trust has seen a fifty-two week low of $15.70 and a high of $17.09. The current fifty-day moving average stands at $16.51, while the two-hundred-day moving average is at $16.57, suggesting a relatively stable price range in recent months.
Upcoming Dividend Announcement
In addition, the company recently declared a monthly dividend that will be paid on February 27, 2024. Shareholders on record as of February 20, 2024, will receive a dividend of $0.071 per share. This payment translates to an annualized yield of 5.2%, reflecting the trust’s commitment to providing income to its investors.
Institutional interest in Western Asset Investment Grade Defined Opportunity Trust remains noteworthy. The firm operates as a closed-end management investment company, primarily focusing on high current income while ensuring capital preservation. The trust invests mainly in investment-grade fixed-income securities and employs a total return strategy. This includes a diverse allocation of assets across various debt instruments, such as senior secured and unsecured corporate bonds, asset-backed securities, mortgage-backed securities, and obligations from U.S. government agencies.
The active management of the fund aims to take advantage of yield opportunities while mitigating risk, employing a combination of macroeconomic analysis and credit research to inform investment decisions.
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