The India Fund (NYSE:IFN) Shares Gap Down – Should You Sell?

The India Fund, Inc. (NYSE:IFN) shares gapped down before the market opened on Thursday . The stock had previously closed at $17.76, but opened at $16.89. The India Fund shares last traded at $16.83, with a volume of 58,814 shares traded.

The India Fund Stock Performance

The stock has a 50-day simple moving average of $18.23 and a 200 day simple moving average of $18.07.

The India Fund Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.72 dividend on an annualized basis and a yield of 21.77%. This is a boost from The India Fund’s previous quarterly dividend of $0.49.

Hedge Funds Weigh In On The India Fund

Several institutional investors and hedge funds have recently modified their holdings of IFN. Penserra Capital Management LLC acquired a new position in shares of The India Fund in the 3rd quarter valued at about $4,794,000. Raymond James & Associates lifted its holdings in shares of The India Fund by 168.3% in the 2nd quarter. Raymond James & Associates now owns 349,100 shares of the investment management company’s stock valued at $6,235,000 after buying an additional 218,980 shares during the period. Landscape Capital Management L.L.C. lifted its holdings in shares of The India Fund by 25.3% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 715,745 shares of the investment management company’s stock valued at $13,613,000 after buying an additional 144,609 shares during the period. Atria Wealth Solutions Inc. lifted its holdings in shares of The India Fund by 26.2% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 368,268 shares of the investment management company’s stock valued at $6,577,000 after buying an additional 76,436 shares during the period. Finally, EP Wealth Advisors LLC acquired a new position in shares of The India Fund in the 3rd quarter valued at about $1,264,000. Institutional investors and hedge funds own 10.76% of the company’s stock.

About The India Fund

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.