Reaves Utility Income Fund (UTG) Sees Large Growth in Short Interest

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Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 124,150 shares, an increase of 123.4% from the October 15th total of 55,580 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 170,908 shares, the days-to-cover ratio is currently 0.7 days.

Shares of UTG stock opened at $31.20 on Friday. Reaves Utility Income Fund has a 1-year low of $27.13 and a 1-year high of $31.77.

Several hedge funds have recently made changes to their positions in the company. Ingalls & Snyder LLC raised its stake in shares of Reaves Utility Income Fund by 5.1% during the 2nd quarter. Ingalls & Snyder LLC now owns 37,099 shares of the closed-end fund’s stock worth $1,073,000 after buying an additional 1,800 shares during the period. Creative Planning raised its stake in shares of Reaves Utility Income Fund by 5.5% during the 3rd quarter. Creative Planning now owns 39,877 shares of the closed-end fund’s stock worth $1,223,000 after buying an additional 2,072 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Reaves Utility Income Fund by 4.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 56,353 shares of the closed-end fund’s stock worth $1,629,000 after buying an additional 2,604 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Reaves Utility Income Fund by 45.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,506 shares of the closed-end fund’s stock worth $363,000 after buying an additional 3,924 shares during the period. Finally, Hodges Capital Management Inc. raised its stake in shares of Reaves Utility Income Fund by 52.8% during the 3rd quarter. Hodges Capital Management Inc. now owns 11,867 shares of the closed-end fund’s stock worth $364,000 after buying an additional 4,100 shares during the period.

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About Reaves Utility Income Fund

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.

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