Central Securities (NYSE:CET) Shares Gap Down – Here’s Why

Central Securities Co. (NYSE:CET) gapped down prior to trading on Friday . The stock had previously closed at $49.10, but opened at $47.02. Central Securities shares last traded at $47.02, with a volume of 2,476 shares.

Central Securities Stock Performance

The firm’s 50-day simple moving average is $46.38 and its two-hundred day simple moving average is $44.41.

Central Securities Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 15th will be issued a $2.05 dividend. This represents a yield of 1.3%. This is a positive change from Central Securities’s previous semi-annual dividend of $0.20. The ex-dividend date is Friday, November 15th.

Insider Activity at Central Securities

In related news, CEO John C. Hill acquired 600 shares of Central Securities stock in a transaction that occurred on Wednesday, October 30th. The shares were purchased at an average cost of $46.71 per share, for a total transaction of $28,026.00. Following the acquisition, the chief executive officer now owns 69,296 shares in the company, valued at approximately $3,236,816.16. This represents a 0.87 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Andrew J. O’neill bought 1,080 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average price of $46.09 per share, with a total value of $49,777.20. Following the completion of the acquisition, the vice president now directly owns 84,916 shares in the company, valued at $3,913,778.44. This trade represents a 1.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Central Securities

A number of hedge funds have recently modified their holdings of the business. Smithfield Trust Co acquired a new position in Central Securities during the third quarter worth about $203,000. Wolverine Asset Management LLC boosted its position in shares of Central Securities by 5,584.1% in the second quarter. Wolverine Asset Management LLC now owns 4,661 shares of the company’s stock worth $205,000 after buying an additional 4,579 shares during the period. Raymond James Trust N.A. purchased a new stake in shares of Central Securities during the 2nd quarter valued at about $222,000. Evanson Asset Management LLC grew its holdings in Central Securities by 12.4% during the 2nd quarter. Evanson Asset Management LLC now owns 5,576 shares of the company’s stock valued at $245,000 after purchasing an additional 615 shares in the last quarter. Finally, Essex Financial Services Inc. bought a new stake in shares of Central Securities in the second quarter worth $302,000. 8.68% of the stock is currently owned by hedge funds and other institutional investors.

About Central Securities

Central Securities Corp. is a publicly owned investment manager. The firm invests in the public equity markets of the United States. It also invests on bonds, convertible bonds, preferred stocks, convertible preferred stocks, warrants, options real estate, or short-term obligations of governments, banks and corporations.