Cornerstone Strategic Value Fund Inc. [NYSE: CLM] plunged by -$0.62 during the normal trading session. The company report on April 7, 2021 that Cornerstone Total Return Fund, Inc. Announces Rights Offering.
Cornerstone Total Return Fund, Inc. (NYSE American: CRF) (the “Fund”) announced that, contingent upon final approval from the U.S. Securities and Exchange Commission, it has fixed the close of business on April 16, 2021 as the record date (the “Record Date”) for determination of stockholders entitled to participate in the Fund’s 1-for-3 rights offering. The Fund is issuing to its stockholders non-transferable rights entitling the holders to subscribe for an aggregate of 13,751,029 shares of common stock. Each stockholder will receive one non-transferable right for each share of the Fund held as of the Record Date. Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Stockholder on the Record Date will be rounded up to the nearest whole number of Rights evenly divisible by three. For every three rights a stockholder receives, he or she will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the expiration date of the offering or (ii) 80% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund may offer a 100% over-allotment to oversubscribing stockholders. Stockholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares, to the extent available.
The subscription period will commence shortly after the Record Date, and will expire at 5:00 p.m., EDT, on Friday, May 14, 2021, (the “Expiration Date”) unless extended. The actual subscription price per share will be determined on the Expiration Date.
Cornerstone Strategic Value Fund Inc. stock has also loss -6.91% of its value over the past 7 days. However, CLM stock has inclined by 2.98% in the 3 months of the year. Over the past six months meanwhile, it has gained 13.37% and gained 9.13% year-on date.
The market cap for CLM stock reached $994.21 million, with 77.67 million shares outstanding. Compared to the average trading volume of 1.04M shares, CLM reached a trading volume of 5753819 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Cornerstone Strategic Value Fund Inc. [CLM]:
The Average True Range (ATR) for Cornerstone Strategic Value Fund Inc. is set at 0.28, with the Price to Sales ratio for CLM stock in the period of the last 12 months amounting to 83.66. The Price to Book ratio for the last quarter was 1.29.
CLM stock trade performance evaluation
Cornerstone Strategic Value Fund Inc. [CLM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.91. With this latest performance, CLM shares dropped by -0.62% in over the last four-week period, additionally plugging by 13.37% over the last 6 months – not to mention a rise of 41.28% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CLM stock in for the last two-week period is set at 35.45, with the RSI for the last a single of trading hit 26.45, and the three-weeks RSI is set at 41.54 for Cornerstone Strategic Value Fund Inc. [CLM]. The present Moving Average for the last 50 days of trading for this stock 13.22, while it was recorded at 13.42 for the last single week of trading, and 11.74 for the last 200 days.
Cornerstone Strategic Value Fund Inc. [CLM]: An insightful look at the core fundamentals
Cornerstone Strategic Value Fund Inc. [CLM]: Insider Ownership positions
28 institutional holders increased their position in Cornerstone Strategic Value Fund Inc. [NYSE:CLM] by around 284,857 shares. Additionally, 12 investors decreased positions by around 1,146,220 shares, while 9 investors held positions by with 1,175,075 shares. The mentioned changes placed institutional holdings at 2,606,152 shares, according to the latest SEC report filing. CLM stock had 15 new institutional investments in for a total of 136,085 shares, while 2 institutional investors sold positions of 529,636 shares during the same period.