MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Short Interest Update
by Kim Johansen · The Markets DailyMainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD – Get Free Report) was the recipient of a significant increase in short interest in January. As of January 30th, there was short interest totaling 50,090 shares, an increase of 135.9% from the January 15th total of 21,238 shares. Based on an average trading volume of 84,972 shares, the days-to-cover ratio is currently 0.6 days. Based on an average trading volume of 84,972 shares, the days-to-cover ratio is currently 0.6 days.
MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance
MMD stock traded down $0.03 during midday trading on Friday, reaching $15.67. 21,072 shares of the company’s stock traded hands, compared to its average volume of 68,889. The firm’s fifty day moving average price is $15.16 and its 200-day moving average price is $15.03. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52 week low of $14.00 and a 52 week high of $15.82.
MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a $0.065 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Monday, March 16th.
Insider Activity at MainStay MacKay DefinedTerm Municipal Opportunities Fund
In other news, Portfolio Manager Robert A. Dimella sold 11,965 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $14.84, for a total transaction of $177,560.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Institutional Trading of MainStay MacKay DefinedTerm Municipal Opportunities Fund
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC purchased a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $96,000. Pasadena Private Wealth LLC bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter worth $149,000. Elevation Point Wealth Partners LLC purchased a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 3rd quarter valued at $184,000. Cyndeo Wealth Partners LLC lifted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 8.8% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 13,199 shares of the closed-end fund’s stock valued at $200,000 after acquiring an additional 1,072 shares in the last quarter. Finally, Arlington Capital Management Inc. bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 3rd quarter valued at $242,000.
MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile
The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.
As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.