MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Sees Large Drop in Short Interest

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 2,600 shares, a decrease of 59.4% from the February 13th total of 6,400 shares. Based on an average trading volume of 132,200 shares, the short-interest ratio is currently 0.0 days.

Insider Buying and Selling

In related news, Portfolio Manager John J. Lawlor purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, January 14th. The shares were bought at an average price of $14.74 per share, with a total value of $29,480.00. Following the purchase, the portfolio manager now directly owns 4,500 shares in the company, valued at $66,330. This trade represents a 80.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Portfolio Manager David Dowden acquired 3,300 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were acquired at an average cost of $14.92 per share, for a total transaction of $49,236.00. Following the purchase, the portfolio manager now directly owns 3,300 shares in the company, valued at $49,236. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in MMD. Summit X LLC increased its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 19.2% in the fourth quarter. Summit X LLC now owns 24,741 shares of the closed-end fund’s stock valued at $369,000 after acquiring an additional 3,983 shares during the last quarter. Noble Wealth Management PBC acquired a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $597,000. Whipplewood Advisors LLC acquired a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $447,000. Ackerman Capital Advisors LLC acquired a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $328,000. Finally, Calamos Advisors LLC acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter valued at about $307,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Down 0.4 %

MainStay MacKay DefinedTerm Municipal Opportunities Fund stock traded down $0.06 during midday trading on Friday, reaching $15.07. 44,458 shares of the company’s stock were exchanged, compared to its average volume of 88,862. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52 week low of $14.53 and a 52 week high of $17.00. The stock’s 50-day simple moving average is $15.28 and its 200 day simple moving average is $15.94.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, March 14th. This represents a $0.72 annualized dividend and a yield of 4.78%.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

MainStay DefinedTerm Municipal Opportunities Fund is a closed-ended fixed income mutual fund launched and managed by New York Life Investment Management LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal bonds which are exempt from regular U.S.