In a recent transaction, Gerald J. Maginnis, a director at Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE:FOF), sold 975 shares of common stock at a price of $13.04 per share. The sale, which took place on October 1, 2024, resulted in a total transaction value of $12,714.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which reported the details of the sale. According to the filing, after the sale, Maginnis still holds 1,595.7430 shares of Cohen & Steers Closed-End Opportunity Fund, Inc. The shares are directly owned, indicating a personal stake in the company's performance.
Investors often monitor insider transactions as they can provide insights into how executives and directors view the company's stock value and potential future performance. However, such transactions can be motivated by various factors and do not always reflect the insiders' outlook on the company's financial health.
Cohen & Steers Closed-End Opportunity Fund, Inc. is a financial investment fund that specializes in closed-end portfolio investments. The fund is managed by Cohen & Steers, which is headquartered in New York and operates under the trading symbol FOF on the New York Stock Exchange.
For more detailed information, investors can refer to the company's official filings and disclosures, which are available to the public through the Securities and Exchange Commission.
InvestingPro Insights
To complement the recent insider transaction at Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE:FOF), InvestingPro data provides additional context for investors. The fund's market capitalization stands at $356.88 million, positioning it as a relatively small player in the investment fund space.
One of the most striking features of FOF is its attractive dividend yield, currently at 7.99%. This aligns with an InvestingPro Tip highlighting that the fund "pays a significant dividend to shareholders." Moreover, FOF has maintained dividend payments for 19 consecutive years, demonstrating a commitment to returning value to investors over the long term.
The fund's P/E ratio of 9.87 suggests it may be undervalued compared to some peers, potentially offering an attractive entry point for value-oriented investors. This could be particularly interesting in light of the recent insider sale, as the stock is trading near its 52-week high, with a price at 99.85% of that peak.
FOF's performance has been robust, with a one-year price total return of 42.64%, significantly outpacing many market benchmarks. This strong performance is reflected in the stock's momentum, as it has gained 3.3% in the past month and 11.36% over the last three months.
It's worth noting that while the fund offers attractive dividends and has shown strong price performance, an InvestingPro Tip cautions that the stock's RSI suggests it may be in overbought territory. This could indicate that the recent price gains may be due for a consolidation.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are 4 more InvestingPro Tips available for FOF, which could provide valuable insights for those considering an investment in this closed-end fund.
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